ESPN is partnering with Penn Entertainment to launch a sportsbook called Espn Bet. It will take over Penn's Barstool Sportsbook and become ESPN's exclusive operation, launching in 16 legalized betting states this fall. The deal gives ESPN a new revenue stream and allows Disney to strengthen its cash position. Penn will pay ESPN $1.5 billion in cash over 10 years and ESPN will have the option to designate a board member to Penn's board. The agreement is expected to add $500 million to $1 billion in annual long-term adjusted earnings potential for Penn's interactive segment.

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