PENN Entertainment & MSE Team Up, ESPN BET to Enter Washington D.C.

Core Insights - PENN Entertainment's subsidiary, PENN Sports Interactive, has formed a long-term multi-channel agreement with Monumental Sports & Entertainment, enhancing its market presence [1][2] - The partnership will allow ESPN BET to secure online market access in Washington D.C., expanding its reach to 19 states and nearly 46% of the U.S. population [2][6] - PENN's stock saw a 3% increase during trading hours, reflecting positive market sentiment towards the new partnership [1] Group 1: Partnership Details - The strategic partnership will make ESPN BET the sports betting partner for Monumental Sports' teams, including the Washington Capitals, Wizards, and Mystics [3] - The agreement includes various marketing components such as in-arena signage, out-of-home advertising, and unique hospitality experiences [4] - PENN's Chief Technology Officer highlighted the deal's potential to connect ESPN BET with a passionate sports community [5] Group 2: Growth and Market Expansion - In August 2023, PENN entered a transformative alliance with ESPN to rebrand its Barstool Sportsbook as ESPN BET, overseeing daily operations [5] - The launch of ESPN BET in New York in September 2024 significantly enhanced PENN's scale, leveraging ESPN's media reach for customer acquisition [6] - PENN's shares have increased by 6.8% over the past three months, outperforming the Zacks Gaming industry's growth of 4.1% [8]