{"id":236163,"date":"2022-10-06T17:52:04","date_gmt":"2022-10-06T22:52:04","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=236163"},"modified":"2022-10-06T18:36:11","modified_gmt":"2022-10-06T23:36:11","slug":"draftkings-espn-said-to-be-nearing-new-major-partnership","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/draftkings-espn-said-to-be-nearing-new-major-partnership\/","title":{"rendered":"DraftKings Stock Spikes Following ESPN Partnership Rumor"},"content":{"rendered":"

DraftKings (NASDAQ:DKNG) is one of Thursday\u2019s after-hours winners, trading higher by almost 11% on speculation the sportsbook operator is nearing an exclusive arrangement with ESPN<\/em>.<\/p>\n

\"DraftKings
Disney CEO Bob Chapek delivering a speech to Disney World staffers. The company’s ESPN unit is said to be nearing a deal with DraftKings.(Image: Joe Burbank\/Orlando Sentinel<\/em>)<\/figcaption><\/figure>\n

Bloomberg<\/em> broke the story earlier this afternoon, citing unidentified sources familiar with the matter. This very likely is the substantial sports betting announcement Walt Disney (NYSE:DIS) CEO Bob Chapek<\/a> recently teased.<\/p>\n

Well, in terms of sports betting we have been in conversations for quite a long time now with a number of different platforms to add some utility to sports betting and take away some friction for that for our guests,\u201d<\/strong> said Chapek in August on Disney\u2019s most recent quarterly earnings conference call.<\/p><\/blockquote>\n

The structure of the DraftKings arrangement with the sports giant isn\u2019t yet clear.<\/p>\n

Speaking of DraftKings\/ESPN Structure<\/h2>\n

Connecticut-based ESPN<\/em> reached marketing deals<\/a> with both Caesars Entertainment (NASDAQ:CZR) and DraftKings in 2020 and it hasn\u2019t been revealed how the media company\u2019s new accord with DraftKings will affect the casino operator, if at all.<\/p>\n

\n

There\u2019s also speculation regarding how much DraftKings may be paying in the deal, stoking wonderment among industry observers regarding the stock\u2019s blistering late-Thursday rally. Last year, ESPN <\/em>was rumored to be seeking a $3 billion licensing pact<\/a> with a sportsbook operator, and it\u2019s believed the network held talks on that subject with Caesars and DraftKings.<\/p>\n<\/div>\n

Though Disney could easily afford to acquire DraftKings, an all-out takeover by the entertainment company is unlikely, owing to the fact that DraftKings CEO Jason Robins controls about 93% of the gaming company\u2019s voting stock.<\/strong><\/p>\n

Disney owns six percent of DraftKings<\/a> non-voting equity, which the entertainment conglomerate got via its 2019 $71.3 billion takeover of 21st<\/sup> Century Fox.<\/p>\n

Disney Could Be Big Winner<\/h2>\n

Given its status as the most recognizable sports network in the US, and recent efforts to boost betting-related content, it\u2019s clear ESPN<\/em> wants to get a slice of the rapidly expanding sports wagering pie. It\u2019s also likely the network doesn\u2019t want to be involved in running a sportsbook and the regulatory process that comes with that business.<\/p>\n

A more extensive partnership with DraftKings could benefit the sports network in another way. It\u2019s possible that the gaming company is paying a hefty sum for the agreement, meaning Disney has cash coming in, not going out in the name of sportsbook acquisition.<\/p>\n

The California-based media giant could direct some of that capital to further bolstering sports wagering content and the fast-growing ESSP+<\/em> streaming service.<\/strong><\/p>\n

Rumors of the expanded DraftKings\/ESPN<\/em> relationship surface less than a month after activist investor Dan Loeb — a Disney shareholder — relented in his push for an ESPN <\/em>spinoff, which was partially rooted in the notion a separation would allow the broadcaster to better capitalize on sports betting opportunities.<\/p>\n","protected":false},"excerpt":{"rendered":"

DraftKings (NASDAQ:DKNG) is one of Thursday\u2019s after-hours winners, trading higher by almost 11% on speculation the sportsbook operator is nearing an exclusive arrangement with ESPN. Bloomberg broke the story earlier this afternoon, citing unidentified sources familiar with the matter. This very likely is the substantial sports betting announcement Walt Disney (NYSE:DIS) CEO Bob Chapek recently […]<\/p>\n","protected":false},"author":46,"featured_media":236164,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33810,1,1074],"tags":[81898,81967,80968],"acf":[],"yoast_head":"\nDraftKings, ESPN Said To Be Nearing New, Major Partnership<\/title>\n<meta name=\"description\" content=\"DraftKings, ESPN rumored to be close to announcing a significant new partnership.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/draftkings-espn-said-to-be-nearing-new-major-partnership\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DraftKings, ESPN Said To Be Nearing New, Major Partnership\" \/>\n<meta property=\"og:description\" content=\"DraftKings, ESPN rumored to be close to announcing a significant new partnership.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/draftkings-espn-said-to-be-nearing-new-major-partnership\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-06T22:52:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-06T23:36:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/BC-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1808\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-espn-said-to-be-nearing-new-major-partnership\/\",\"url\":\"https:\/\/www.casino.org\/news\/draftkings-espn-said-to-be-nearing-new-major-partnership\/\",\"name\":\"DraftKings, ESPN Said To Be Nearing New, Major Partnership\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-espn-said-to-be-nearing-new-major-partnership\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-espn-said-to-be-nearing-new-major-partnership\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/BC-scaled.jpg\",\"datePublished\":\"2022-10-06T22:52:04+00:00\",\"dateModified\":\"2022-10-06T23:36:11+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"DraftKings, ESPN rumored to be close to announcing a significant new partnership.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-espn-said-to-be-nearing-new-major-partnership\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/draftkings-espn-said-to-be-nearing-new-major-partnership\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-espn-said-to-be-nearing-new-major-partnership\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/BC-scaled.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/BC-scaled.jpg\",\"width\":2560,\"height\":1808,\"caption\":\"Disney CEO Bob Chapek delivering a speech to Disney World staffers. 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