Disney-owned ESPN is looking to dive into the sports betting game.
The sports media giant is seeking to license its brand to major sports betting companies for at least $ 3 billion over several years, according to a report Friday in the Wall Street Journal, citing anonymous sources.
The network has held talks with players who own major sports books, including casino operator Caesars Entertainment and online betting title DraftKings, the publication reports. ESPN currently has marketing partnerships with both companies.
A DraftKings representative told The Post: “DraftKings talks to several companies about various issues in the normal course of business and our general policy is not to comment on the details of these discussions.”
ESPN and Caesars did not respond immediately to comment. It’s unclear if companies would go ahead with an agreement with ESPN, as they are already invested in establishing their own brands in the world of sports betting.
But sources told The Journal that an agreement with ESPN could lead to an exclusive marketing commitment that would require the sports betting company to invest a certain amount of money in advertising on ESPN platforms.
ESPN has hesitated to jump into the sports betting space. It has partnered with associations to integrate odds and betting-related content into some of its programs, and has podcasts and television broadcasts dedicated to the game, such as “Daily Wager.” Executives told The Journal that they wanted to prevent ESPN from participating directly in betting offers.
Sports betting is set to generate revenue of about $ 4 billion by 2021, according to research firm Eilers & Krejcik Gaming. The industry has exploded since a 2018 Supreme Court decision allowed states other than Nevada to legalize sports betting. Currently, 32 states and the District of Columbia have legalized sports betting.
–Additional reports by Lydia Moynihan