ESPN wants to get into sports betting, according to a new report from Fox business.
The sports giant, which is part of the Walt Disney Company, plans to sell its brand to sports betting companies in a deal worth at least $ 3 billion over several years, it said. Fox businessciting “people familiar with the matter”.
An ESPN representative did not immediately respond to a request for comment from the entrepreneur.
ESPN has held talks with major sports betting companies such as Caesars Entertainment Inc. and DraftKings Inc., according to the report. The media brand already has marketing partnerships with both companies, but under the new agreement, the selected applicant could use the media company’s name for branding purposes and even rename their sportsbook in honor of ESPN.
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The sports betting company would likely have an exclusive marketing commitment and spend a certain amount of advertising money on ESPN and its various platforms.
Fox business He pointed out that there is no guarantee that a deal will come about as sports betting companies are already investing to establish their brands.
It would also be a step in a new direction for ESPN, which hasn’t done a lot of sports betting than presenting related content on shows and running similar podcasts and TV shows.
Sports betting is also only allowed in certain locations in the United States and requires special licenses in those states, so the deal would allow ESPN to profit from the bets without taking them or making payments themselves.