Penn Entertainment shares surged in after hours trading after the gambling company said it secured exclusive rights to use the “ESPN Bet” trademark for a 10-year term.
It said it will rebrand its Barstool Sportsbook app as ESPN Bet, which will be promoted across ESPN platforms. Penn said it is selling 100% of its stake in Barstool Sports back to Barstool founder Dave Portnoy.
Penn will have the right to 50% of the gross proceeds received by Portnoy in any subsequent sale, the company said.