Disney-owned sports broadcaster ESPN is moving into sports betting in partnership with Penn Entertainment, which will sell the Barstool brand back to founder Dave Portnoy.
Penn’s Barstool Sportsbook is relaunching as ESPN Bet this autumn through the $1.5bn deal. This immediately provides the brand with a footprint across 16 legal betting states, covering its mobile website and app and desktop site.
Penn says its partnership with the largest sports brand in the US increases the long-term adjusted EBITDA potential for its interactive segment by between $500m and $1.0bn.
Penn is divesting Barstool Sports, its sportsbook brand since 2020, as a result. Barstool founder Dave Portnoy buys back 100% of its share capital “in exchange for certain non-compete and other restrictive covenants”.
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