ESPN reportedly looking into billion-dollar sports betting deal
By Keith Farner
Published:
ESPN is looking into licensing its brand to a pair of household sports betting companies in a billion-dollar deal exclusively reported by the Wall Street Journal.
The WSJ reported that ESPN has held talks to license its brand to sportsbooks including Caesars Entertainment and DraftKings, according to people familiar with the matter. The deal is expected to be worth at least $3 billion over several years, as the companies look to strike on the fast-growing online gambling industry.
This is a change from how ESPN has historically approached gambling. The WSJ report noted that executives have said they want the company to avoid being directly involved in gambling transactions. However, ESPN has partnerships to integrate odds and betting-related content into some of its shows, and has podcasts and telecasts dedicated to gambling, including “Daily Wager.”
So a potential brand-licensing deal would allow ESPN to profit from the boom in sports gambling without taking bets and making payouts to winners, which requires licenses in individual states.
A former newspaper veteran, Keith Farner is a news manager for Saturday Down South.
