The Biggest Name in U.S. Sports Broadcasting Enters the Gambling Industry
ESPN, the leading sports broadcasting company in the United States, is venturing into the lucrative gambling industry with the launch of its online betting platform. The platform, named ESPN Bet, is a collaboration between ESPN and Penn Entertainment, a provider of sports content and casino gaming experiences.
ESPN Bet, which is already open for signups, is currently available in 17 states. However, it still needs approval from gaming commissions in each state before it can officially operate.
The move comes as ESPN's parent company, Disney, aims to increase profits throughout its entertainment empire. With the rapid expansion of legalized gambling in many states, ESPN will face tough competition from established players like DraftKings and FanDuel, who currently dominate around 80% of the online sports betting market.
"ESPN and Penn believe they can penetrate this market," said Andrew Brandt, a sports business professor at Villanova University. "They want to provide a one-stop shopping experience where users can check scores and get betting opinions all in one place. They believe they can offer a superior product."
Initial States Offering ESPN Bet
- State 1
- State 2
- State 3
- State 4
- State 5
- State 6
- State 7
- State 8
- State 9
- State 10
- State 11
- State 12
- State 13
- State 14
- State 15
- State 16
- State 17
- Arizona
- Colorado
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maryland
- Massachusetts
- Michigan
- New Jersey
- Ohio
- Pennsylvania
- Tennessee
- Virginia
- West Virginia
ESPN and Penn have joined forces to create ESPN Bet, a new sports gambling platform. This partnership comes after Penn ended its previous partnership with Barstool. Both ESPN and Penn see this move as a strategic opportunity to tap into the rapidly growing sports gambling industry. With the legalization of online sports betting in 27 states, Americans are projected to wager over $100 billion on sports this year. ESPN, although a late entry into the betting market, aims to target the younger demographic by integrating sports betting into its platform. However, concerns have been raised about the potential impact of sports gambling, including addiction and its effect on college athletics.
Student-Athletes Face Pressure to Perform Well in College Sports Due to Gambling, Says Expert
A recent report highlights the intense pressure that student-athletes face to perform well in college sports, often because a family member or friend has placed a bet on the contest. According to expert John Baker, the rise of mobile gambling has made it even more challenging for student-athletes to navigate this pressure.
In an interview with CBS News, Baker expressed concern about the accessibility of gambling on mobile devices. He emphasized that the ability to bet anytime and anywhere adds an additional layer of stress for student-athletes.
"The fact that it's now on your phone and you can do it anytime you want, it's a real challenge - not just for us, but for student-athletes," Baker stated.
