ESPN BET StatesĮSPN BET will just operate in the same 17 states that Barstool Sportsbook were previously live in, as they ride the licenses Penn Entertainment already has. ESPN BET Launch DateĮSPN BET will launch today at 3pm ET. The expectation is that the ESPN brand will make this far more recognizable and credible than Barstool Sportsbook, which should help Penn Entertainment achieve their market share goals. The idea behind this deal is that the ESPN name will boost the Penn Entertainment sportsbook product beyond its previous high of a 7% market share. Why did Penn pay ESPN for naming rights to ESPN BET? Penn does have the option to get out of the deal after year 3 or year 7 if certain benchmarks are not hit, so ESPN does have a certain amount of interest in ESPN BET succeeding but does not have to worry about how it gets there. With this deal however, ESPN will receive $150 million a year in revenue just for lending their brand name, and will not have the hassle of owning and operating the sportsbook. Why did ESPN do this ESPN BET deal?ĮSPN never created its own sportsbook and many will wonder why when you see brands like Sports Illustrated and Fanatics getting their own sportsbook product. No, ESPN are lending their name to the Penn Entertainment sportsbook product, which was previously branded as Barstool Sportsbook before this deal. How much is Penn paying ESPN for ESPN BETįor the next 10 years, Penn Entertainment are committed to paying ESPN $150 million a year for naming rights, although there is a get-out clause after year 3 and year 7 if certain targets are not met. So whilst this is not actually an ESPN Sportsbook, it is a sportsbook using the ESPN name and will be instantly recognizable to millions of sports fans. Previously Barstool Sportsbook captured a 7% market share nationally, and Penn Entertainment are aiming for closer to 20%, and they think the ESPN brand will get them there. What is ESPN BET?ĮSPN BET is the new Penn Entertainment betting product, which has now been branded with the ESPN name in the hope of raising brand awareness and market share. Penn Entertainment, who previously worked with Dave Portnoy to launch Barstool Sportsbook are now paying ESPN $150 million a year for the next decade for the ESPN BET naming rights. ESPN BET is the official branding for the ESPN Sportsbook, which is being brought to the market by Penn Entertainment.

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