ESPN Announces Sports Betting Deal With Casino Company

BRISTOL, CT — ESPN, the sports network giant headquartered in Bristol, announced Tuesday that it has signed a deal with PENN Entertainment to launch its branded sportsbook ESPN BET.

PENN Entertainment will rebrand Barstool Sportsbook for the ESPN BET relaunch, going into effect this fall in the 16 legalized betting states where PENN Entertainment is licensed, the company said in a news release.

"Our primary focus is always to serve sports fans and we know they want both betting content and the ability to place bets with less friction from within our products," ESPN chairman Jimmy Pitaro wrote. "The strategy here is simple: to give fans what they’ve been requesting and expecting from ESPN. PENN Entertainment is the perfect partner to build an unmatched user experience for sports betting with ESPN BET."

Disney CEO Bob Iger announced the restructuring of the company in February, with ESPN becoming a standalone division along with its theme parks and entertainment divisions.

With the restructuring came a series of layoffs at ESPN earlier this year, including of some of its top on-air talent. The company said at the time that the job cuts were part of the company's mission to identify and act on opportunities to save money and focus on managing costs associated with contract renewals in the months ahead.

In a statement in June, ESPN described the layoffs as "an extremely challenging process, involving individuals who have had tremendous impact on our company."

"These difficult decisions, based more on overall efficiency than merit, will help us meet our financial targets and ensure future growth," according to the company.