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 09, 2023 | 12:24 pm
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DraftKings shares are trading lower due to Penn Entertainment's exclusive agreement with ESPN for online sports betting in the U.S.
DraftKings, as a competitor in the online sports betting market, is likely to be negatively impacted by Penn Entertainment's exclusive agreement with ESPN. This agreement could limit DraftKings' market share and growth potential in the U.S. online sports betting market.
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