Penn Entertainment has just reached a 10-year agreement to license ESPN Bet here in America. Under the agreement, Penn will rebrand Barstool Sportsbook into the ESPN Bet brand this fall. The deal strengthens ESPN’s ties to the gambling industry, which may seem odd given that their parent company, Disney, had seemed to oppose gambling expansion over the years. However, Disney acquired a stake in DraftKings via Fox Entertainment assets back in 2019. In order to make the ESPN Bet deal work, Penn will pay ESPN $1.5 billion in cash over the course of the ten-year term. Additionally, they have agreed…
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