ESPN is branching out to sports betting and teaming up with Penn Entertainment.

<div class="block">ESPN is branching out to sports betting and teaming up with Penn Entertainment.</div>

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'ESPN Bet' Launching This Fall

So ESPN is branching out into sports betting teaming up with the gambling company, Pen Entertainment to launch ESPN Bet. It's a new venture and it's going to take over Penn's Bar to Sports Book in a launch in 16 states this fall. And ESPN'S chair calls the agreement a quote, this opportunity to serve the ever growing number of consumers interested in betting. Well, under the terms of the deal, Pen will pay ESPN $1.5 billion over the next decade for exclusive rights to the ESPN Bet trademark. And it's going to sell a bar stool back to its founder.