History of ESPN Bet in Timeline

ESPN Bet is an American sportsbook and online betting service operated by Penn Entertainment, leveraging the ESPN brand through a licensing agreement for cross-promotion. Initially launched in 2020 as Barstool Sportsbook under Penn's ownership of Barstool Sports, it has since rebranded. The service provides a platform for sports wagering and aims to capture a significant share of the online betting market through brand recognition and integrated media promotion.

January 2020: Penn Acquires Stake in Barstool Sports

In January 2020, Penn Entertainment bought a 36% minority stake in Barstool Sports, signaling its intentions to leverage the Barstool brand for a sports betting service.

September 2020: Barstool Sportsbook App Launches in Pennsylvania

In September 2020, Barstool and Penn launched the Barstool Sportsbook app in Pennsylvania, aiming to engage a younger audience through Barstool's existing social media presence.

2020: Barstool Sportsbook Launched

In 2020, Penn Entertainment launched Barstool Sportsbook, co-branded with Barstool Sports. This marked Penn's entry into the online sports betting market, leveraging Barstool's existing brand recognition.

August 8, 2023: Penn and ESPN Announce Partnership for ESPN Bet

On August 8, 2023, Penn Entertainment announced an agreement with ESPN Inc. to launch ESPN Bet. Penn would pay $1.5 billion to license the ESPN brand for 10 years, plus providing $500,000 in stock options. Simultaneously, Barstool Sports was sold back to Dave Portnoy.

August 2023: Penn Sells Barstool, Partners with ESPN

In August 2023, Penn Entertainment sold Barstool Sports back to Dave Portnoy and announced a 10-year brand licensing agreement with ESPN valued at $1.5 billion, plus $500,000 in options for ESPN to purchase Penn stock.

October 2023: Barstool Branding Removed from Penn Casinos

In October 2023, Penn Entertainment began removing Barstool branding from its retail sportsbooks at casinos in preparation for the launch of ESPN Bet.

November 14, 2023: ESPN Bet Launches

On November 14, 2023, ESPN Bet officially launched, succeeding Barstool Sportsbook. This launch marked the beginning of Penn Entertainment's sports betting operations under the ESPN brand.

November 30, 2023: Penn Announces Partnership with NHL

On November 30, 2023, Penn Entertainment announced a partnership with the National Hockey League (NHL) to become an official sports betting partner, represented in the United States via ESPN Bet.

December 2023: ESPN Bet Secures Market Access in North Carolina

In December 2023, Penn Entertainment announced a partnership with Quail Hollow Club, securing market access for ESPN Bet in North Carolina, expanding its reach to its 18th state. The agreement included a sponsorship of the PGA Tour's Wells Fargo Championship.

2023: Barstool Sportsbook Expansion and Acquisition

By 2023, Barstool Sportsbook was available in 17 states, and Penn Entertainment had fully acquired Barstool Sports for $388 million. Additionally, 19 Penn Entertainment casinos had incorporated Barstool Sportsbook branding.

April 2024: ESPN Bet Sportsbook Relaunched at Hollywood Casino at Greektown

In April 2024, the sportsbook at Hollywood Casino at Greektown was relaunched as an ESPN Bet sportsbook, marking the first retail location under the new name. The opening coincided with the 2024 NFL draft in Detroit.

August 2024: Penn Announces Expansion of ESPN Bet Locations

In August 2024, Penn announced that eight more ESPN Bet locations would open in August and September 2024, beginning with Hollywood Casino at Kansas Speedway, L'Auberge Baton Rouge, and Plainridge Park Casino.

September 2024: Further Expansion of ESPN Bet Locations

February 2025: ESPN Bet Market Share Update

By February 2025, ESPN Bet had only achieved a 5% market share, falling short of Penn's target of 20% by 2027. Penn CEO Jay Snowden acknowledged the need for further improvements to realize the full potential of the ESPN partnership.

2027: ESPN Bet Target Market Share

Penn aimed for ESPN Bet to achieve a 20% market share by 2027. However, by February 2025, the sportsbook had only reached 5%, indicating that the business was not on pace to reach its growth targets.