The casino operator launched sportsbooks under the Barstool brand name and said it helped the company reach a younger audience.īut the affiliation with Barstool also brought unwanted attention. Starting in 2020, Penn bought Barstool in two transactions totaling more than $550 million, part of the growing convergence of sports, media and gambling. ESPN needed to proceed cautiously because a perception that it has become deeply involved in gambling could undermine the family-friendly image cultivated by Disney. And it’s wanted to capitalize on the growing interest in sports betting as more states have legalized it. It’s trying to generate new sources of revenue as customers cancel traditional cable-TV service.
ESPN has been trying to strike a delicate balance.
