PENN Entertainment Ends ESPN Partnership and Rebrands to theScore Bet
PENN Entertainment, Inc. (Nasdaq: PENN) announced its financial results for the third quarter and the first nine months ended September 30, 2025, alongside a strategic shift in its digital business focus.
Financial Highlights
- Q3 revenue reached $1,717.3 million
- Adjusted EBITDA was $194.9 million
- Net loss amounted to $865.1 million
- Year-to-date share buybacks totaled $354.4 million
- A new $750 million buyback program will begin in 2026
Termination of ESPN Online Sports Betting Agreement
PENN and ESPN, Inc. mutually agreed to an early termination of their U.S. online sports betting (OSB) agreement, effective December 1, 2025. This ends PENN's OSB marketing exclusivity with ESPN.
Executive Commentary
“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. Although we made significant progress in improving our product offering and building a cohesive ecosystem with ESPN, we have mutually and amicably agreed to wind down our collaboration.” – Jay Snowden, CEO and President, PENN Entertainment
“PENN’s unique omnichannel strategy is anchored in a diverse portfolio of market-leading regional casinos and a complementary digital business. We are realigning our digital focus to leverage the strength of our U.S.” – Jay Snowden
Corporate Strategy Update
Following the termination, PENN plans to concentrate its digital efforts on expanding its omnichannel business model, which combines its regional casinos with its digital offerings, now under theScore Bet brand, effective December 1, 2025.
Author's summary: PENN Entertainment is shifting away from its ESPN partnership to refocus on strengthening its omnichannel strategy with theScore Bet, amid solid financial performance and plans for significant share repurchases.