![]() ESPN is the worldwide leader in sports, generating $16 billion in annual revenue and $2.9 billion in annual profit.īut they have also lost nearly 30 million cable subscribers over the last decade - 100 million to 72 million homes in the United States. ![]() So, yes, ESPN provides more distribution than Barstool, but Penn has yet to show an ability to differentiate itself through product, and there is no reason to believe that will change with ESPN.Ģ. Penn told investors that Barstool's edgy content upset regulators, making it difficult to enter new states.īut the reality is that Penn had peaked with no more than 5% of online market share in any of its 17 states, putting them in 5th place and well behind FanDuel, DraftKings, and BetMGM.įor context, FanDuel and DraftKings alone own 73% of the U.S. This feels like a hail mary for both brands - and here's why:ġ. ![]() Their goal? 20% market share within the next four years.īut I don't think that is going to happen. ![]() ESPN BET makes its long-awaited debut tomorrow.Īs a reminder, in August, Penn Entertainment booked a $633 million loss on Bartsool, sold the company back to Dave Portnoy for $1, and then signed a $2 billion licensing deal with ESPN to rebrand its sportsbook as ESPN BET. ![]()
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