ESPN, PENN Entertainment End Sports Betting Venture, NFL Media Deal Proceeds

ESPN and PENN Entertainment mutually agreed to terminate their U.S. sports betting partnership today, effectively ending ESPN Bet, while a separate deal granting ESPN control of NFL media assets remains in place.

The termination, which will be effective December 1, comes after ESPN officially launched into sports betting in August 2023 through the partnership, reportedly valued at $2 billion. PENN Entertainment President and CEO Jay Snowden stated, “Although we made significant progress in improving our product offering and building a cohesive ecosystem with ESPN, we have mutually and amicably agreed to wind down our collaboration.” The move allows PENN to refocus on its iCasino business and rebrand its sportsbook offering as theScore Bet by December 1, 2025, coinciding with the expected launch of sports betting in Missouri.

ESPN will assist PENN with the transition to theScore Bet and will continue to receive payments through the fourth quarter of 2025. ESPN Chairman Jimmy Pitaro highlighted the success of the venture, noting that ESPN drove over 2.9 million new users into the PENN ecosystem, but also indicated the company is “now pursuing other media and marketing opportunities within this space.” This shift comes as concerns grow regarding the increasing influence of sports gambling on the integrity of athletic competition, as explored by the NCAA.

Separately, ESPN is moving forward with its acquisition of NFL media assets, including NFL Network, retaining a 10% ownership share of the network. This deal has raised ethical questions about the potential conflicts of interest between sports broadcasting and gambling, a topic of ongoing debate within the industry. You can find more information about the evolving landscape of sports media here.

Officials stated that the companies will continue to collaborate on the transition, and ESPN will explore alternative partnerships in the sports betting market.