Penn Ends $2 Billion ESPN Bet Deal After Just Two Years

Penn Ends $2 Billion ESPN Bet Deal After Two Years

Penn Entertainment will rebrand its sportsbook as theScore Bet and record an $825 million write-down. The ESPN Bet brand will disappear within weeks after Penn and ESPN canceled their $2 billion partnership, as announced in a joint press release on Thursday.

The partnership will officially end on December 1, a month before the NFL regular season concludes. After this date, Penn will rename the ESPN Bet app to theScore Bet, adopting the name of the Canada-founded sportsbook Penn acquired in 2021.

Background of the Partnership

The Penn-ESPN partnership was launched in 2023. Under the agreement, Penn committed to paying $150 million annually for 10 years, along with warrants to purchase Penn stock, increasing the overall deal value to $2 billion for rights to use the ESPN branding.

Market Performance and Early Termination

Despite high expectations, ESPN Bet failed to capture substantial market share. Data from Casino Reports show ESPN Bet held only 2.6% of the online sports betting market in August and has remained near that mark since mid-2024.

The deal included a clause allowing termination after three years if ESPN Bet did not meet certain market share benchmarks. However, the agreement is ending earlier than initially outlined.

“When we first announced our partnership with ESPN, both sides made it clear that we expected to compete for a podium position in the space.” – Jay Snowden, Penn CEO

The transition marks a shift in Penn’s strategy as it leverages theScore Bet brand moving forward.

Summary

This early termination highlights challenges faced by ESPN Bet in gaining market traction, prompting Penn to refocus under theScore Bet’s established brand.

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https://www.ingame.com/ https://www.ingame.com/ — 2025-11-06

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