ESPN launches sportsbook in move to cash in on sports betting boom
CBSN
The biggest name in U.S. sports broadcasting is putting its money on the lucrative gambling industry, launching an online betting platform that will initially be available in 17 states.
ESPN teamed with Penn Entertainment, a provider of sports content and casino gaming experiences that previously launched the sportsbook for Barstool Sports, to create the betting service, dubbed ESPN Bet. The platform went live for signups on Thursday, but still needs approval from gaming commissions in each state.
ESPN is plunging into the sports wagering business as parent company Disney looks to boost profits across the entertainment giant. Yet while gambling has exploded as a growing number of states legalize it, the broadcaster will face entrenched competitors in the form of DraftKings and FanDuel, which control roughly 80% of the online sports betting market,
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