ESPN revealed its intention to enter the sports betting business by selling its brand to sportsbook operators such as Caesars Entertainment and DraftKings at the end of August. 

The estimated license price was $3 billion, according to a media article citing unnamed sources. Now, ESPN appears to be on the verge of signing an exclusive agreement with DraftKings. 

In 2020, the parties had already inked a co-exclusive agreement. However, the new relationship would greatly assist the family-owned business in diving headfirst into the lucrative industry.

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DraftKings’ Shares Increased 8.5%

In prolonged after-hours trading, the sportsbook’s stock increased 8.5% to $17.41 on the back of new speculations of prospective cooperation between the two industry titans. On the same day that the reports surfaced, Disney’s stock fell 0.7% in extended trading to $100.10 after closing 0.4% lower during regular trading.

While DraftKings discussed the “excellent, long-standing” connection it has developed with ESPN over the years, they declined to comment on the subject, noting that the firm does not comment on its negotiations with other companies. The contract is anticipated to be large and exclusive, with game broadcasts incorporating shows and odds. Additionally, ESPN has chosen not to publish a public remark on reports of a new partnership agreement at this time.

ESPN Is No Stranger to the World of Sports Betting

ESPN, which calls itself “The Worldwide Leader in Sports,” is the top multimedia sports entertainment organization with 50+ enterprises in its portfolio of multimedia sports assets. 

The company has a history of sports betting investments. Daily Wager and past collaborations with DraftKings and Caesars Entertainment that integrated sportsbook links directly into ESPN’s platform demonstrate ESPN’s commitment to the industry. 

Bob Chapek, chief executive officer of Disney, discussed his desire to strengthen ties with consumers in September, citing the ESPN alliance as a crucial means of achieving this goal. He went on to add that their younger demographic under the age of 35 was expected to include sports betting in their sports-related lifestyle. 

Chapek further said that while ESPN would never accept wagers, it could offer sports fans “the opportunity for frictionless sports betting” without requiring them to have many screens open at once.

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