ESPN to Make Bold Move into Sports Betting
Source Summary
Walt Disney CEO Bob Chapek revealed in September that ESPN plans to enter the sports betting market. He later clarified that while ESPN itself would never become a sportsbook, the network plans to partner with a betting company in order to maintain Disney’s family image while cashing in on the rapid growth of digital sports betting. In October, DraftKings shares shot up on a day when the overall stock market sagged. The reason: several reports that DraftKings, ESPN’s fantasy football operator, was close to a deal that would extend the partnership to include sports betting.
OUR TAKE
As long as there are sports, there will be sports betting. Now that it’s legal (in some states), the shady stigma of bookies has fallen away to the point where even Disney feels safe putting its toe in the water. It’s a huge market that will continue to grow as more states legalize it. We’ll know sports betting has fully entered the mainstream when Pete Rose is inducted into the MLB Hall of Fame.