ESPN has long been rumored to be interested in getting into the sports betting scene and that finally became a reality late this afternoon.
ESPN and PENN Entertainment today announced an agreement to launch by the fall in 16 states where PENN is licensed to operate. Barstool Sportsbook will be rebranded as ESPN BET as the sports betting operator moves forward in the fall. There will be a guaranteed new user bonus for .
According to a , PENN has secured the exclusive right to the ESPN BET trademark for online sports betting in the U.S. for an initial 10-year term which may be extended for an additional 10 years upon mutual agreement. PENN Entertainment agreed to pay $1.5 billion to ESPN over the initial 10-year term and grant ESPN approximately $500 million of warrants t…