Penn Brings On Former FanDuel Executive to Save ESPN Bet

Penn has just moved to help revamp its failing ESPN Bet platform.

The company has hired former FanDuel executive Billy Turchin as its new Chief Product Officer. The move comes as Penn attempts to save ESPN Bet, which has failed to gain traction since launching in November 2023. 

While Penn is investing in the struggling sportsbook for now, this could be their final attempt. The deal between ESPN and Penn is for three years, at which point either side can pull out of the sportsbook. Penn CEO Jay Snowden confirmed they would consider backing out of the deal if things don’t start trending in the wrong direction.

Hiring a FanDuel executive is a step in the right direction. Turchin contributed to the growing platform, becoming the most popular sportsbook in the US. His years of experience could bring fresh ideas to Penn, helping to attract more bettors.

After entering the market with high hopes, ESPN Bet has failed to compete among the second-tier operators. Fanatics, which also launched in 2023, has found far more success, cutting into ESPN Bets' market share before they even launched.

Penn Staring at Second US Sportsbook Failure

Penn entered the US sports betting market with Barstool Sportsbook in September 2020. The rising brand name and Penn’s experience seemed like a recipe for success, but issues with regulators led Barstool to pull out of the deal, ending the sportsbooks’ run as the market was still growing.

Penn replaced Barstool with an even bigger sports media giant: ESPN. The deal seemed promising, but many wondered why Penn would again partner with a sports media company. One reason was how ESPN would market the platform, an issue that led Barstool to exit the industry altogether. 

If Penn can’t save ESPN Bet, it could be a sign that there isn’t room for more standard online sportsbooks in the country’s sports betting market.