DraftKings shares are trading lower after Penn Entertainment entered into an exclusive agreement with ESPN, which gives Penn exclusive rights to the ESPN Bet trademark for online sports betting in the U.S. for an initial 10-year term.
Portfolio Pulse from Benzinga Newsdesk
DraftKings shares are trading lower after Penn Entertainment secured an exclusive agreement with ESPN for the ESPN Bet trademark for online sports betting in the U.S. for an initial 10-year term.
August 08, 2023 | 10:20 pm
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DraftKings shares are trading lower due to Penn Entertainment's exclusive agreement with ESPN, which could potentially limit DraftKings' market share in the online sports betting industry.
The exclusive agreement between Penn Entertainment and ESPN for the ESPN Bet trademark could potentially limit DraftKings' ability to expand its market share in the online sports betting industry. This news is directly impacting DraftKings' stock price, causing it to trade lower.
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