Part 6/9:
Adding to these troubles, ESPN's entry into the sports betting arena through a partnership with Penn Entertainment has proven disastrous. The initial plan was ambitious, targeting considerable market share against established betting titans like FanDuel and DraftKings. Yet, Penn's CEO recently admitted the company is far off from projected goals, hovering at a mere 2.35% market share.
Having lost nearly $20 million in a quarter due to the ESPN bet-making venture and with little hope for improvement, executives are hinting at a strategy shift as they anticipate potential market exits. If the partnership fails, it leaves Disney’s sports betting aspirations in tatters.