ESPN-Penn deal comes as cable TV is slowing, sports betting growing: Reporter
08/10/2023 02:55
ESPN and Penn Entertainment announced a blockbuster deal on Tuesday, as ESPN (DIS) makes its biggest push yet into sports betting. 'ESPN Bet' will launch this fall in 16 states where Penn (PENN) currently operates mobile sportsbooks. Bernie McTernan, Needham & Company Managing Director, and Alex Weprin, The Hollywood Reporter Media and Business Writer, join Yahoo Finance Live to discuss the deal, the sports betting industry, and what it means for Disney and Penn Entertainment. Weprin said, "This is a big shift in strategy for ESPN to have their own branded sportsbook, but it is also a natural extension." McTernan said, "This entity is sitting at Penn ... ESPN is going to benefit from it through that advertising commitment from Penn and the ownership of Penn stock."
ESPN and Penn Entertainment announced a blockbuster deal on Tuesday, as ESPN (DIS) makes its biggest push yet into sports betting. 'ESPN Bet' will launch this fall in 16 states where Penn (PENN) currently operates mobile sportsbooks. Bernie McTernan, Needham & Company Managing Director, and Alex Weprin, The Hollywood Reporter Media and Business Writer, join Yahoo Finance Live to discuss the deal, the sports betting industry, and what it means for Disney and Penn Entertainment.
Weprin said, "This is a big shift in strategy for ESPN to have their own branded sportsbook, but it is also a natural extension."
McTernan said, "This entity is sitting at Penn ... ESPN is going to benefit from it through that advertising commitment from Penn and the ownership of Penn stock."