It was announced late last week that Barstool Sportsbook, a popular online sportsbook, has entered into a $1.5 billion licensing agreement with ESPN to rebrand as ESPN Bet. This is the first time that ESPN has entered into the world of online sports betting, as the sports giant is looking to expand its reach into more forms of gambling entertainment.
Barstool Sportsbook is a sports gambling app founded in 2018 by Dave Portnoy, an accomplished entrepreneur and founder of the popular Barstool Sports blog. Since its launch, Barstool Sportsbook has quickly become one of the leading online sportsbook operators, gaining a loyal following of bettors looking for a convenient way to wager on sports.
The deal between Barstool Sportsbook and ESPN is being described as a landmark moment in the booming US sports betting market. As part of the agreement, ESPN will take a 10 percent stake in the company and will help to grow the brand under the new ESPN Bet name.
Under the agreement, ESPN Bet will feature exclusive deals for its bettors, including exclusive sports betting content from the ESPN Minutecast, and free-to-play betting games that ESPN viewers can compete in for real money prizes. ESPN Bet will also look to provide exclusive content for its bettors, such as daily betting breakdowns from ESPN talent.
ESPN Bet is looking to capitalize on the growing popularity of sports betting in the United States. According to analysts, the deal between ESPN Bet and Barstool Sportsbook could be the first of many partnerships between traditional media brands and established sportsbooks.
The move signals a shift from traditional media companies towards a multi-platform approach, as ESPN Bet looks to extend its digital reach beyond its traditional television broadcast networks. With the new licensing deal between ESPN and Barstool Sportsbook, the two companies are betting big that sports betting will continue to gain momentum in the US.