Penn Entertainment Ends $2 Billion ESPN Bet Partnership Early
Penn Entertainment will rebrand its sportsbook as theScore Bet and record an $825 million write-down loss. The ESPN Bet brand will disappear in a few weeks after Penn and ESPN ended their $2 billion partnership, announced in a recent press release.
Details of the Partnership and Termination
The partnership, which began in 2023, will officially end on December 1, just before the close of the NFL regular season. Following this, Penn will rename the ESPN Bet app to theScore Bet, adopting the name of the Canadian sportsbook that Penn acquired in 2021.
Under the original deal, Penn committed to paying $150 million annually for ten years, plus warrants to buy Penn stock, valuing the arrangement at $2 billion for the rights to use ESPN's branding.
Market Share Challenges and Early Exit
ESPN Bet struggled to gain a strong market presence. In August 2025, it held only 2.6% of the online sports betting market and has remained near that figure since mid-2024, according to Casino Reports’ sports betting database.
The agreement included a clause allowing termination after the third year if market share targets were not met, but the partnership is ending even earlier.
“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,” said Penn CEO Jay Snowden.
Summary
Penn Entertainment's early departure from the ESPN Bet deal reflects challenges in capturing market share and triggers a significant write-down as the company refocuses under theScore Bet brand.
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