PENN Entertainment Shares Jump After ESPN Bet Named Official Sports Betting Sponsor Of PGA Championship

PENN Entertainment (NASDAQ:PENN) shares traded higher on Tuesday after the company announced a groundbreaking multiyear sports betting partnership between ESPN Bet and the PGA of America. ESPN Bet, developed by PENN Entertainment, will be designated as the “Official Sports Betting Sponsor” of the PGA Championship through 2026.

What To Know: Tuesday’s pioneering agreement marks a significant milestone for the PGA Championship, establishing it as the first men’s golf major with an official sports betting sponsor. ESPN Bet’s integration into the spectator experience at the PGA Championship, leveraging PENN’s technology and ESPN’s brand, promises engaging new opportunities for fans.

Market Response: Investor optimism appears to have surged following the announcement, reflecting confidence in PENN Entertainment’s strategic positioning in the evolving sports betting landscape, poised to capitalize on the growing intersection of sports and wagering.

Jeff Price, PGA of America’s Chief Commercial Officer, expressed excitement about the partnership, emphasizing its enhancement of the spectator experience. Jason Birney, VP of Operations at PENN Interactive, echoed Price’s sentiment, highlighting the pride in being the PGA of America’s inaugural gaming partner.

"We're pleased to be the PGA of America's first ever gaming partner and align ESPN BET with this prestigious men's golf major. We look forward to accessing highly engaging touchpoints to bring ESPN BET onto the course and into the PGA Championship broadcast on ESPN,” Birney said.

What’s Next: ESPN Bet’s initiatives include establishing the ESPN Bet Members Lounge at the 2024 PGA Championship, offering premium hospitality, integrating into ESPN broadcasts and enriching storytelling with odds and insights.

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PENN Price Action: PENN Entertainment’s shares closed Tuesday up 3.24% at $15.91, according to Benzinga Pro,

Image: ESPN Press Room