As known from:
The SunFootball365Sportskeeda
pro
Alerts
Latest Deals
Write a Review
Write a Review
Nothing Found
Alerts
Latest Deals
pro
Betting.net / News / Disney ventures into sports betting with $2 billion ESPN investment

Disney ventures into sports betting with $2 billion ESPN investment

Publish Date: August 20, 2023
Fact checked by: Jesse M Cox
Video: Disney's ESPN strikes $2B sports betting deal with Penn Entertainment

Disney’s ESPN strikes $2B sports betting deal with Penn Entertainment

Disney’s $2 billion deal for ESPN signals its entry into the sports betting sector. In partnership with Penn Entertainment, ESPN will introduce ESPN Bet sportsbook in the upcoming fall.

The launch of ESPN Bet, which now becomes Penn National Gaming’s betting division, marks a major moment in the legal sports betting scene in the United States. It reflects how media giants are changing in the streaming era, especially as gambling grows in popularity across 34 states and Washington, DC, though notably not in California, Texas, and Florida.

The rapidly changing media landscape

Before the $2 billion ESPN deal, Disney’s historical stance on gambling remained largely unaltered since the release of the 1940 film “Pinocchio.” In the movie, the puppet’s visit to Pleasure Island is tainted by vices, including gambling, which resonated as a cautionary tale.

This perspective persisted until 2019 when CEO Bob Iger said the company might not get “involved in the business of gambling, in effect, by facilitating gambling in any way.”

Disney even invested over $20 million in 2018 to lobby against casino development in Florida. This state is home to Disney World, which emphasized its opposition to gambling.

However, this steadfast position has evolved in recent times. Like many other media companies, Disney faces challenges amid the changing media landscape. Cord-cutting, where customers opt for personalized digital purchases over traditional bundled TV subscriptions, continues to grow.

The shift to à la carte models is not adequately compensating media companies. In the fiscal third quarter, Disney’s streaming division incurred a loss of $512 million, leading the company to raise prices for select services significantly. Subscriptions for ESPN+ surged from 3.5 million in 2019 to 25.2 million in 2023, but ESPN still implemented cost-saving layoffs.

In contrast, legal sports betting reached a record $93.2 billion in wagers in 2022, generating $7.5 billion in revenue, according to the American Gaming Association. This marks a more than sevenfold increase in three years from 2019 figures of $13 billion in wagers and $909 million in sportsbook revenue.

ESPN Bet emerges as Penn rebrands its Barstool Sportsbook app and website, licensed in 16 states, committing $1.5 billion to ESPN over a decade and $500 million in stock warrants. This partnership signals Penn’s intent to tap into a broader audience.

Read Also
Sports Betting in North Carolina Faces Delay in January Launch
The anticipated debut of sports wagering in North Carolina on January 8, ...
New Jersey Breaks Its Own Betting Handle Record
New Jersey’s online sportsbooks have managed to break their own record for ...
BetMGM Promo
NC Online Sportsbook sets for launch: $7B In Wagers projected for the first year.
North Carolina is ready to take the lead in the ever-changing sports ...
Who will be the next states to legalize sports betting?
Vermont and North Carolina are widely expected to be the next US ...
More Sports Added Ahead Of Kentucky Mobile Betting Launch
Bettors in Kentucky will soon be able to enjoy an increased number ...
Latest News
Nevada Casinos kick off 2024 with record-breaking start
The gaming industry in Nevada started 2024 with ...
North Carolina Gubernatorial Candidates: their stances on casinos
As the North Carolina gubernatorial race heats up, ...
Gates of Bitcasino grants a max win, worth $2.5 million
A lucky player won $2.5 million on Gates ...
Thunderkick partners with Betway, strengthening foothold in UK
Independent slot developer Thunderkick signed a partnership deal ...
Delaware Park re-opens with new Vegas glamor after $10M upgrade
The Delaware Park Casino recently unveiled its upgraded ...
Top Betting Sites
Top Betting Bonuses
Bet365
4.8/5
BetMGM
4.5/5
FanDuel
4.4/5
Caesars
4.3/5
DraftKings
DraftKings
DraftKings Review
4.2/5
Bet365
Bet365 Promo
Get $150 in Bonus Bets Win or Lose when you bet $5!
T&Cs apply
4.8/5
Subject to meeting qualifying criteria. Minimum wager $5. Minimum odds -500 or greater. $10 minimum deposit. Paid in Bonus Bets. Bonus Bets wager excluded from returns. New customers only. Available in app only. Max. prize, game restrictions, time limits and T&Cs apply. Deposit required. Bonus Bets wager excluded from returns. T&Cs, time limits and exclusions apply.Gambling Problem? Call 1-800-Gambler 21+
BetMGM
BetMGM Promo
Up To $1500 in Bonus Bets Paid Back if your First Bet Does Not Win
T&Cs apply
4.5/5
FanDuel
FanDuel Promo
Bet $5 Get $200 in Bonus Bets If Your Bet Wins!
T&Cs apply
4.4/5
Caesars
Caesars Promo
Bet $1, Double Your Winnings Your Next 10 Bets
T&Cs apply
4.3/5
DraftKings
DraftKings Promo
New Customers Bet $5, Get $300 in Bonus Bets If Your Bet Wins!
T&Cs apply
4.2/5
Our Team
David Genge
David Genge
Editor
Jesse M Cox
Jesse M Cox
Chief Editor
Alyx Tzamantanis
Alyx Tzamantanis
Editor
Simon Briffa
Simon Briffa
Sports Editor
James Leeland
James Leeland
Editor
Author Icon
Marcus
Content Writer
mikegoodpaster
mikegoodpaster
Head Content Writer
Get the latest updates in Sports and Casino via our Newsletter
Poker & Bingo

Full coverage of poker and bingo, from reviews of providers to guides and much more besides!

21+ and present in VA. Gambling Problem? Call 1-800-GAMBLER.

Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.
Virginia Town HallCloudflareSSLco² neutral
Close
Our Sports Pros recommend these awesome Social Casino sites this week:
Stake.us
Stake.us Promo
56 Stake Cash + 560K Gold Coins + 5% Rakeback
T&Cs and 18+ apply
Code:
Open Stake.us
Get Bonus
Fortune Coins
Fortune Coins Promo
Claim Your Free 650,000 Gold Coins & 1,400 Fortune Coins
T&Cs and 18+ apply
Code:
Open Fortune Coins
Get Bonus
×
Your Promo Code:
The bonus offer of was already opened in an additional window. If not, you can open it also by clicking the following link:
Visit Site