Part 2/12:
To understand the immediate picture, it’s essential to recognize the basic facts. ESPN Bet was launched in 2023 through a partnership between ESPN, owned by The Walt Disney Company, and Penn Entertainment, which paid ESPN a hefty $2 billion over ten years to use their branding and platform. This deal was intended to elevate ESPN Bet to compete more fiercely in the crowded sports betting market, which is dominated by DraftKings and FanDuel, each claiming around 30-35% of the U.S. online market share.