Disney also was granted $500 million of warrants to purchase nearly 32 million in PENN shares as part of the deal announced in August.Īnd, come Tuesday, you could look at that PENN starting from zero. ![]() ![]() The consensus among industry insiders is that this is Snowden’s last chance to make PENN a meaningful player in the market and possibly his last hurrah as CEO if ESPN Bet fails to gain traction.Īfter the Barstool misadventure, PENN entered into this 10-year deal that pays Disney $150 million annually, roughly the same fees ESPN landed in affiliate fees with its prior betting partners, Caesars and DraftKings. “I couldn’t be more pleased with the way our products and design, engineering, marketing and operations teams, ESPN and PENN, have seamlessly and tirelessly worked together to prepare us for this launch,” PENN CEO Jay Snowden said on an investor call earlier this month. It will be several months before it will be known whether PENN CEO Jay Snowden’s latest gamble will truly allow PENN to challenge leaders like DraftKings and FanDuel. Over about three years, PENN’s Barstool app could only secure about 2% of the U.S. PENN’s last attempt was costly as it took a $923 million loss from its acquisition of Barstool Sports. ![]() On Tuesday, ESPN Bet launches in 17 states, the latest and most expensive bid for PENN Entertainment to gain traction in online sports betting.
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