In addition to the $1.5 billion licensing deal, Penn also said it would grant ESPN rights worth about $500 million to purchase shares in Penn.ĮSPN Bet is a rebranding of an existing sports-betting app, Barstool Sportsbook. Under August's agreement, Penn’s rights to the ESPN brand will initially run for a decade with the option of extension for another 10 years.
Under the agreement, Penn will operate ESPN Bet while ESPN promotes the app across its online and broadcast platforms.Ī Penn spokesperson said the ESPN Bet app was also scheduled to launch Tuesday afternoon, but did not provide a specific time.ĮSPN Bet was set to go live in the following states: Arizona, Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, New Jersey, Ohio, Pennsylvania, Tennessee, Virginia and West Virginia. Penn Entertainment, which owns the service, signed a $1.5 billion deal with ESPN for rights to the sports media giant's name in August. NEW YORK - ESPN Bet, a sports-gambling service rebranded with the name of the Disney-owned sports channel, launched Tuesday in 17 U.S.
