- ESPN BET unveiled its new logo today
- The ESPN BET sportsbook will launch in November
- Penn Entertainment and ESPN agreed to a multi-year, multi-million dollar partnership this past August
The launch of ESPN BET is becoming very real, as the highly anticipated sports betting operator today unveiled its new logo.
ESPN BET released its new logo to the public today, with the brand featuring the recognizable “ESPN” and the sportsbook app branded with an “E” in the “B” for its logo. The ESPN sportsbook bonus will also be available to sign-up with in time for its launch by mid-November.
“The brand itself features the universally recognizable ‘ESPN,’ while the sportsbook app will be branded an ‘E’ in the ‘B,’ which creatively expresses the idea that ESPN, in partnership with PENN Entertainment, is launching a sportsbook for fans, but at its core is still ESPN, the most trusted brand in sports,” according to a press release.
ESPN Bet announced its official logo today ahead of its planned November launch. pic.twitter.com/csUqXRPSir
— RLinnehanXL (@RLinnehanXl) October 18, 2023
ESPN BET To Launch in November
According to the sports betting operator, ESPN BET is scheduled to launch sometime in November.
Penn Entertainment and ESPN agreed to a multi-year, multi-million dollar partnership this past August. Penn Sports Interactive, the gambling and sports betting arm of Penn Entertainment, is currently in the process of completely rebranding Barstool Sportsbook to ESPN BET, which it hopes to complete by November.
PENN secured the exclusive rights to the ESPN BET trademark for online sports betting in the U.S. for an initial 10-year term which may be extended for an additional 10 years upon mutual agreement. PENN Entertainment agreed to pay $1.5 billion to ESPN over the initial 10-year term and grant ESPN approximately $500 million of warrants to purchase 31.8 million PENN common shares.
If ESPN BET meets a certain U.S. online sports betting market share, ESPN could receive bonus warrants to purchase an additional 6.4 million in PENN shares.
PENN is currently licensed to operate sports betting in 17 states. It most recently acquired a license in Kentucky, which just launched online sports betting in late September.
ESPN Sports Betting Rumors Persisted for Years
ESPN had long been rumored to be interested in the sports betting space. ESPN was linked to DraftKings on several occasions over the past several year. In October 2022, whispers in the industry began to claim that ESPN was nearing a deal with DraftKings, one that ESPN President Jimmy Pitaro had to refute in November 2022 at the Sports Business Journal Media Innovators conference in New York.
“We’ve been exploring. We’ve had conversations with all the usual suspects, looking at what could be the logical next step for us. We are not going to, and I’ve said this repeatedly, we’re not going to create a book. We’re not going to take people’s money. We’re not going to set lines, spreads, and odds, it’s not what we do. The idea of leaning in a bit more here, creating a more seamless experience, it’s something that’s definitely on the table,” Pitaro said at the conference.
Pitaro’s comments were a stark contrast to rumors that surrounded ESPN in early October 2022, when several outlets reported the sports media giant was close to licensing its brand to DraftKings Sportsbook.
Bloomberg reported that ESPN and DraftKings was close to an agreement for the massive sports media company to license its brand to the sports betting operator. A deal makes sense, as ESPN and DraftKings already have an existing marketing partnership and ESPN has dipped its toes into sports gambling through content on its website and television shows.