ESPN is reportedly looking to license its brand for at least $3 billion amid a boom in the sports-betting industry
ESPNis looking to license its brand for at least $3 billion, The Wall Street Journal reported.
- This means an opportunity for approved sports-betting companies to use the ESPN brand.
sportsTV network is now in discussion with firms including Caesars Entertainment and DraftKings, sources told WSJ.
This means an opportunity for approved sports-betting companies to use the ESPN brand and the possibility of renaming their sportsbooks after the television network, sources told WSJ. There is, however, no guarantee the sports-media giant will ever close a deal.
The sports-betting industry in the past months has benefitted from a wave of enthusiasm across the country. This year, around 25 states have introduced legislation to legalize mobile sports betting, while five states have introduced legislation to expand their existing
ESPN, though, has been reluctant in entering the space. Executives do not want to risk having the company directly involved in gambling transactions, according to WSJ.
An instance when direct links could have negative consequences for the company could be seen with DraftKings. Shares of the major sports-betting firm tumbled in June after it was accused of hiding "black market operations" by Hindenburg Research.
Still, the recent initiative ESPN is reportedly exploring may be a win-win situation as it would allow the company to ride the boom without being directly related in the gambling industry.
- Microsoft Teams for the web gets a bunch of new features including Hindi captions and transcripts
- Byju's says Aakash acquisition on track after reports that it has failed to pay up
- 11,000 and counting — that’s how bad startup job losses are after Ola, WhiteHat Jr & 22 others cut costs
- South Indians crack the most office jokes in India, says survey
- After groceries in 10 minutes, most Indians want their shoes delivered in 2 hours