• Loading stock data...
Tuesday, April 16, 2024
  • -
  • -
  • -
  • -

ESPN Bet Preps November Launch With Spending To Reach $3.5B

  • PENN Entertainment says ESPN will be rolled out by Thanksgiving at the latest.
  • Total investment in the product will reach at least $3.5 billion over 10 years.
Christopher Hanewinckel-USA TODAY Sports

ESPN Bet will launch sometime in November, PENN Entertainment announced during an earnings call on Wednesday, as the company pivots from Barstool and rebrands its sportsbook during the beginning of the football season.

Company president and CEO Jay Snowden is bullish on using the final two months of 2023 to set up ESPN Bet for a strong run through the NFL playoffs, Super Bowl, and March Madness. “We’re going to be out there launching at a time where, maybe with everyone else, new customers have burned through those promotional dollars on first-time deposit matches.”

PENN will match its annual $150 million payment to ESPN with equal marketing spend, bringing its total investment in this venture to at least $300 million per year. “We’re certainly not going to be cheap about our approach,” Snowden said. 

Combined with the $500 million in warrants PENN is granting to ESPN, that brings its total investment up to $3.5 billion over the 10-year deal.

Snowden is confident that reaching 20% of the U.S. online sports betting market share is attainable, with ESPN’s robust live sports portfolio driving consumer interest: “The key differentiation for us … is going to be the things that we can do around media integration, video, and maybe potentially live streaming. There’s a lot of things that we can do, because of who our partner is here, that others won’t be able to.”

Still to be determined is if and when PENN’s retail sportsbooks will take on physical ESPN Bet branding. “ESPN folks have not had a chance to visit our properties yet,” Snowden explained. “So, we’re going to go through a process, and there could be potentially some ESPN-branded retail sportsbooks on plan.”

Multiple times during the call, Snowden pointed to a planned investor day in December for more updates on specific plans beyond the launch, claiming that 2025 would be the year he expects to “start to see the returns” on investment.

Copy Link
Link Copied
Link Copied

What to Read

Star-Studded NBA Play-In a Potential Ratings Boon for ESPN and TNT

The initial portion of the NBA postseason features three former MVPs.

Knicks’ Resurgence Marks Peak in Dolan’s Sports Domain

The team’s on-court success is fueling a series of gains off it.

States Want Tax Reform As Ohtani’s Deal Deferrals Stir Controversy

California legislators heighten their push for new tax rules around deferred compensation.

Wrexham, Leverkusen Write Hollywood Stories

The guaranteed payoff for Wrexham is modest but still significant.
podcast thumbnail mobile
Front Office Sports Today

Inside the Most-Hyped WNBA Draft in History


Featured Today

Women’s Basketball Finally Has a TV Deal to Match the Excitement. Now What?

A lucrative new media-rights contract could rectify problems of the past, but the future of March Madness media rights is anyone’s guess.
Mar 16, 2024; Washington, D.C., USA; North Carolina State Wolfpack forward DJ Burns Jr. (30) cuts the net after defeating the North Carolina Tar Heels for the ACC Conference Championship at Capital One Arena.
April 6, 2024

How Two College Seniors Helped DJ Burns Cash In on a Final Four Run

Two college seniors are facilitating deals for NC State’s big man.
Mar 31, 2024; Portland, OR, USA; NCAA officials measure the three point line while coaches from the Texas Longhorns and NC State Wolfpack watch with referees in the finals of the Portland Regional of the NCAA Tournament at the Moda Center center.
April 1, 2024

NCAA Has No One to Blame for Latest Women’s March Madness Transgressions

NCAA is still making avoidable mistakes three years after a complete overhaul.
Nov 16, 2015; Bloomington, IN, USA; General view of the championship banners at Assembly Hall prior to the game between Austin Peay and Indiana.
March 31, 2024

How to Make It in Basketball: Become a Manager at Indiana

Inside the Hoosiers’ unglamorous, profoundly rewarding incubator for basketball’s biggest names.


Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Multiple - USA Careers
Multiple - USA Careers
Dunham's Sports
Multiple - USA Careers

A Decade-Long Timeline of the Shohei Ohtani–Ippei Mizuhara Saga

Ohtani’s former interpreter has been federally charged with bank fraud.
April 11, 2024

Shohei Ohtani’s Interpreter Stole $16 Million to Cover Gambling Losses, Feds Say

Authorities detailed how Ippei Mizuhara hid bank transfers from Ohtani.
April 11, 2024

Following a Long List of Blows, MLB Walks for a Change

Officials say the Dodgers’ superstar is ‘considered a victim in this case.’

Rapid Returns: How Technology Is Getting You Back to Your Seat

How Oracle’s POS technology is helping fans get back to their seats faster.
April 10, 2024

Shohei Ohtani’s Interpreter Pleading Guilty to New Charges, per Report

Ippei Mizuhara is said to have lost over $4.5M of Ohtani’s money.
April 2, 2024

Sportsbooks Say Iowa-LSU Smashed Records

It’s the new all-time most-wagered women’s sports competition on FanDuel.
March 27, 2024

NCAA Wants to End Prop Betting on College Sports. Will It Succeed?

The announcement comes just days after the NBA began investigating a prop scandal.
March 27, 2024

NCAA President Calls for Nationwide Ban on College Prop Bets

The NCAA president is reacting to the recent betting turmoil in sports.