PENN Entertainment Reports Third Quarter Results
PENN Entertainment, based in Wyomissing and operating casinos, sports betting, and entertainment venues, announced its third quarter results on Thursday.
End of Partnership with ESPN
After just three years into a ten-year online sports betting agreement known as ESPN Bet, PENN's collaboration with ESPN ended abruptly on Wednesday. ESPN decided to form a new online sports betting partnership with DraftKings starting December 1, 2025.
Statements from the Companies
“When we first announced our partnership with ESPN, both sides made it clear that we expected to compete for a podium position in the space. Although we made significant progress in improving our product offering and building a cohesive ecosystem with ESPN, we have mutually and amicably agreed to wind down our collaboration.”
— Jay Snowden, PENN CEO and President
Market Reaction and Strategic Changes
- Following the announcement, PENN’s stock initially rose by 9.2%, according to Stock Story.
- PENN is refocusing its digital strategy to highlight its omnichannel advantages.
- The company’s online sports betting marketing exclusivity with ESPN will conclude on December 1, 2025, as per the agreement.
Summary: PENN Entertainment and ESPN amicably ended their online sports betting partnership, prompting PENN to shift its digital focus while the company’s stock reacted positively to the news.
Would you like the summary to be more analytical or neutral?More News
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