Get your calendars out, folks because there’s an exciting new launch coming up next month. ESPN BET is poised to take the online sports betting world by storm when it launches in November. The long-awaited sports betting app will be previewed during the ESPN Edge Conference on November 9th in New York City.
Jay Snowden, PENN Entertainment CEO and President, and Mike Morrison, Vice President of Sports Betting & Fantasy for ESPN, will be discussing the much-anticipated launch during the conference from 5:30 to 6 p.m. In case you haven’t heard, PENN Entertainment and ESPN are all buddy-buddy now, having agreed to a multi-year, multi-million dollar partnership back in August of this year.
As part of this partnership, Penn Sports Interactive, the gambling and sports betting branch of PENN Entertainment, is in the process of rebranding Barstool Sportsbook to ESPN BET, which they hope to complete by next month. PENN has exclusive rights to the ESPN BET trademark for online sports betting in the U.S., and they’ve agreed to pay ESPN a whopping $1.5 billion to maintain these rights for the first 10 years.
But that’s not all – ESPN could receive bonus warrants to purchase additional PENN shares if ESPN BET manages to capture a certain market share in the U.S. online sports betting industry. The ESPN Edge Conference is the perfect opportunity for Snowden and Morrison to showcase what they’ve been working on and get people hyped for what’s to come.
ESPN’s Vice President of Sports Business Development & Innovation, Kevin Lopes, expressed his excitement for the conference, stating, “This year some of the industry’s brightest minds will highlight their recent successes, how they hope to impact the future, and what it all means for the fan.”
If you’re eagerly awaiting the launch of ESPN BET, be sure to mark your calendars for November and stay tuned for more updates.
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