ESPN Bet shutting down as network strikes…
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Just another billion-dollar deal down the drain.
Penn Entertainment announced Thursday it was opting out of its sports activities betting partnership contract with ESPN, ending what was initially a 10-year, $1.5 billion deal.
ESPN will now change into the new official betting companion of DraftKings Sportsbook, as first reported by Front Office Sports.
“We will operate with a more efficient cost structure, including replacing fixed media spending … the realignment will free up resources to strategically invest in the North American markets,” Penn announced in a assertion.
Penn and ESPN’s partnership fizzling comes a little more than two years after they partnered in August 2023 to convey the betting group ESPN Bet.
DraftKings is now partnering with ESPN. SOPA Images
The deal ends with over $300 million despatched from Penn to the WorldWide Leader, though the outcomes have been largely a catastrophe in phrases of market share positive aspects.
Penn publicly said a purpose of 20 % market share in the U.S. online sports activities betting market by 2027.
However, it achieved only 4.7 % as of 2025, up only marginally from the two.2 % held by Barstool Sportsbook in partnership with Penn.
ESPN’s DraftKings union begins Dec. 1.
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“Our betting approach has focused on offering an integrated experience within our products,” ESPN chairman Jimmy Pitaro said in a release. “Working with DraftKings, a leader in the space, will allow us to build upon that foundation, continue to super-serve passionate sports fans and grow our ESPN direct-to-consumer business. We are excited about this new collaboration with DraftKings.”
This story will probably be up to date during Penn’s earnings call.
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