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ESPN & Penn Entertainment strike $1.5 billion deal to enter sports betting
Mumbai: In a surprising turn of events, the renowned sports media powerhouse ESPN is venturing into unexplored territory with the introduction of ESPN Bet. This move involves the rebranding of an existing sports-betting app under the ownership of Penn Entertainment, which has committed a staggering $1.5 billion alongside additional considerations to secure exclusive rights to the revered ESPN name.
The groundbreaking deal, officially announced on Tuesday, has the potential to propel ESPN, a subsidiary of the Walt Disney Co., into unfamiliar waters. This move is significant considering Disney’s steadfast commitment to maintaining its family-friendly reputation, a brand image not conventionally associated with the realm of sports gambling.
Penn Entertainment will oversee the operations of ESPN Bet, while ESPN commits to promoting the app extensively on its online and broadcast platforms to maximise user awareness. The partnership will grant ESPN Bet certain unspecified access to ESPN’s talent pool.
Penn’s exclusive rights to the ESPN brand will span an initial decade, extendable for another ten years by mutual accord. In addition to a $1.5 billion licensing deal disbursed over a ten-year period, Penn will enable ESPN to purchase approximately $500 million worth of shares.
In the past, Disney has grappled with adult-oriented entertainment matters. Around 15 years ago, its Walt Disney World park in Orlando, Florida, included a restricted late-night zone named Pleasure Island-a nod to the film “Pinocchio,” where characters encountered a similarly named place of dubious repute. Pleasure Island encompassed bars, music venues, nightclubs, restaurants, shopping, and a nightly “New Year’s Eve” countdown accompanied by fireworks.
As attendance declined, Disney shuttered the Pleasure Island nightclubs in 2008. Subsequently, the area underwent a transformation and emerged as The Landing, a vibrant district within Disney Springs, focusing on dining and shopping experiences.
ESPN has announced its commitment to responsible gaming education using its platforms. This entails covering the sports betting industry with integrity, forming a “responsible gaming” committee, and crafting protective marketing guidelines for fans.
Penn Entertainment has divested Barstool Sports, a bold sports media site, back to its founder, Dave Portnoy. In early 2020, Penn acquired a 36 per cent stake for roughly $163 million and later purchased the remaining portion for approximately $388 million in February 2023. The terms of the divestment deal remain undisclosed.
Portnoy, in a video shared on the platform X (formerly known as Twitter), expressed his enthusiasm for Barstool Sports regaining its independence. He noted that the regulated gambling industry might not align with the content they produce, expressing his firm resolve to retain ownership. Under the divestment agreement, Penn is entitled to 50 per cent of future proceeds from any sale or “monetisation” of Barstool.
NEW DELHI: Hamdard Laboratories gathered a cross-section of India’s achievers in New Delhi on Friday, handing out the Hakeem Abdul Hameed Excellence Awards to figures who have left their mark across healthcare, education, sport, public service and the arts.
The ceremony, attended by minister of state for defence Sanjay Seth and senior officials from the ministry of Ayush, celebrated individuals whose work blends professional success with a sense of public purpose. It was as much a roll call of achievement as it was a reminder that influence is not measured only in profits or podiums, but in people reached and lives improved.
Among the headline awardees was Alakh Pandey, founder and chief executive of PhysicsWallah, recognised for turning affordable digital learning into a mass movement. On the sporting front, Arjuna Awardee and kabaddi player Sakshi Puniya was honoured for her contribution to the game and for pushing women’s participation onto bigger stages.
The cultural spotlight fell on veteran lyricist and poet Santosh Anand, whose songs have echoed across generations of Hindi cinema. At 97, Anand accepted the honour with characteristic humility, reflecting on a life shaped by perseverance and hope.
Healthcare honours spanned both modern and traditional systems. Manoj N. Nesari was recognised for strengthening Ayurveda’s place in national and global health frameworks. Padma shri Mohammed Abdul Waheed was honoured for his research-backed work in Unani medicine, while padma shri Mohsin Wali received recognition for his long-standing contribution to patient-centred care.
Education and social development also featured prominently. Padma shri Zahir Ishaq Kazi was honoured for decades of work in education, while former Meghalaya superintendent of Police T. C. Chacko was recognised for public service. Goonj founder Anshu Gupta received an award for his dignity-centred rural development initiatives, and the Hunar Shakti Foundation was honoured for empowering women and young girls through skill development.
The Lifetime Achievement Award went to former IAS officer Shailaja Chandra for her long career in public healthcare and governance, particularly in the traditional systems under Ayush.
Speaking at the event, Hamdard chairman Abdul Majeed said the awards were a tribute to those who combine excellence with empathy. “These awardees reflect Hakeem Sahib’s belief that healthcare, education and public service must ultimately serve humanity,” he said.
Minister Seth struck a forward-looking note, saying India’s young population gives the country a unique opportunity to become a global destination for learning, health and wellness by 2047.
The ceremony also featured the trailer launch of Unani Ki Kahaani, an upcoming documentary starring actor Jim Sarbh, set to premiere on Discovery on 11 February.
Instituted in memory of Unani scholar and educationist Hakeem Abdul Hameed, the awards have grown into a national platform that celebrates those building a more inclusive and resilient India. For one evening at least, the spotlight was not just on success, but on service with substance.
