Penn Entertainment's rebranded sports-gambling app, ESPN Bet, was launched in 17 states, including West Virginia on Tuesday. The launch comes after Penn signed a $1.5 billion deal with ESPN in August, granting them the rights to use the sports media giant's name. ESPN Bet will be operated by Penn, while ESPN will promote the app across its online and broadcast platforms. The exact time for the app's availability to download was not provided, but it is expected to be launched on Tuesday afternoon.
ESPN Bet will be available in Arizona, Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, New Jersey, Ohio, Pennsylvania, Tennessee, Virginia, and West Virginia.
As part of the agreement, Penn has the rights to use the ESPN brand for ten years, with the option to extend for another ten years. In addition to the licensing deal, Penn has also granted ESPN rights valued at about $500 million to purchase shares in the company. ESPN Bet is a rebranded version of the existing sports-betting app, the online Barstool Sportsbook. In August, Penn sold Barstool Sports back to its founder, Dave Portnoy.
The launch of ESPN Bet could potentially lead Walt Disney Co.-owned ESPN into unfamiliar territory, as Disney is known for its family-friendly image, not typically associated with sports gambling. However, as part of the agreement, ESPN has committed to promoting responsible gaming. This includes using its platforms to educate sports fans about responsible gaming, maintaining journalistic integrity in covering the sports betting industry, establishing a responsible gaming committee within the company, and developing marketing guidelines to protect fans.
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