Disney-owned ESPN has licensed its brand for use in a sports betting app, striking a deal in which it will receive $1.5 billion and other considerations from Penn Entertainment.
SAN FRANCISCO, CA - FEBRUARY 05: A view of the logo during ESPN The Party on February 5, 2016 in San Francisco, California.
Penn will operate ESPN Bet, which ESPN has agreed to promote across its online and broadcast platforms in order to generate "maximum fan awareness" of the app. ESPN Bet will also have unspecified "access" to ESPN talent, the companies said. "Penn Entertainment is the perfect partner to build an unmatched user experience for sports betting with ESPN Bet," ESPN chairman Jimmy PitaroDisney has wrestled with the issue of adult-oriented entertainment in the past. Until about 15 years ago, its Walt Disney World park in Orlando, Florida, featured a gated late-night area known as Pleasure Island — actually a reference to the 1940 film "Pinocchio," whose characters visited a den of iniquity by that name.
ESPN added that it will use its platforms "to educate sports fans on responsible gaming" — for instance by continuing to cover the sports betting industry with "journalistic integrity," creating a "responsible gaming" committee within the company and developing marketing guidelines that "safeguard" fans.
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