PENN Entertainment Reports Third Quarter Results After ESPN Partnership Ends
PENN Entertainment, a Wyomissing-based operator of casinos, sports betting, and entertainment, released its third-quarter financial results on Thursday. The announcement followed a surprising split with ESPN.
The End of the ESPN Partnership
Only three years into a ten-year online sports betting agreement branded as ESPN Bet, PENN and ESPN decided to part ways. On Wednesday, ESPN confirmed that it would begin a new online sports betting collaboration with DraftKings starting December 1, 2025.
Official Statements
“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, Chief Executive Officer and President of PENN Entertainment
Market Reaction and Future Plans
Following the joint announcement, PENN's stock initially climbed by 9.2%, according to Stock Story. The company also revealed plans to concentrate on expanding its digital presence by leveraging omnichannel advantages. The exclusive online sports betting marketing agreement between PENN and ESPN will officially conclude on December 1, 2025.
Author’s Summary
PENN Entertainment ended its collaboration with ESPN and plans to refocus on omnichannel growth after announcing strong third-quarter results and a short-term stock boost.
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