Disney and ESPN take a major gamble by entering the world of gambling – Can they come out on top?
The Walt Disney Company-owned sports network, ESPN, has announced a $2bn deal with gaming company Penn Entertainment to launch a sportsbook called ESPN Bet. This move marks a significant departure from Disney’s longstanding stance against gambling. It comes as traditional television continues to decline due to cord-cutting, and sports betting in the US surges in popularity. The deal aims to appeal to younger, digital-first users and increase brand loyalty. However, there are reputational risks for ESPN, as gambling addiction and related issues are prevalent among sports bettors. Studies suggest that player-related scandals and negative events are likely to increase as gambling becomes more accessible and legal in more states.
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