Disney’s ESPN, Penn Entertainment ink $1.5 billion deal to launch sports betting business
By
Binu Mathew
Walt Disney’s ESPN and PENN Entertainment have partnered to launch a sports betting business under the brand ESPN Bet, the two companies said on Tuesday.
Under the terms of the deal, Penn will pay $1.5 billion in cash to ESPN over an initial 10-year term in exchange for brand and other rights provided by ESPN.