(NewsNation) — ESPN’s foray into sports betting will end after two years, the company said in a joint statement with PENN Entertainment on Thursday.
ESPN Bet launched in 2023 after ESPN and PENN agreed to a 10-year, $2 billion deal allowing PENN to use ESPN’s branding on its sportsbook app.
But that business is extremely competitive, with FanDuel, DraftKings, MGM, Caesars, Rivers, Fanatics, Hard Rock and Bet365 among the litany of companies vying for bettors’ action in multiple states.
Despite ESPN’s brand recognition, the companies acknowledged in a news release that their venture was falling behind certain benchmarks outlined in their agreement and that they opted to terminate it.
ESPN said DraftKings would become its official odds provider, and those numbers would be featured in its flagship app.
PENN said it would rebrand its U.S. sports betting app to theScore Bet, its current branding in Canada, on Dec. 1.
When PENN first launched a sportsbook in the U.S., it was branded Barstool Sportsbook.
Sports betting has been under increased scrutiny following the arrest of Miami Heat guard Terry Rozier for alleged point shaving to finish under his prop bet totals.
Go To Source | Author: Bobby Oler
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