PENN Entertainment, Inc. Q3 FY25 Results

Summary

PENN Entertainment announced its Q3 2025 results and the early termination of its sportsbook agreement with ESPN, effective December 1, 2025. As part of the termination, PENN will re-brand its sportsbook from “ESPN BET” to “theScore Bet” and will pay ESPN $38.1 million in Q4 2025, plus an additional $5 million for media support. The Board approved a new $750 million share repurchase program commencing January 1, 2026, after the current program expires.

Key Highlights

1. 1

   PENN Entertainment issued a press release announcing the results of operations and financial condition for the three months ended September 30, 2025.

2. 2

   The company and ESPN mutually agreed upon the early termination of their sportsbook agreement, effective December 1, 2025.

3. 3

   PENN Entertainment will cease using all ESPN trademarks, including “ESPN BET”, and re-brand its sportsbook from “ESPN BET” to “theScore Bet”.

4. 4

   The company will pay ESPN a total of $38.1 million in the fourth quarter of 2025 in respect of all remaining fees owed through the Termination Date.

5. 5

   PENN Entertainment has agreed to pay ESPN a total of $5 million following the Termination Date for traditional media to support theScore Bet and/or Hollywood iCasino offerings.

6. 6

   On October 30, 2025, the Board approved a new $750 million share repurchase program, subject to the finalization of and entry into the Termination Agreement and the Investment Agreement Amendment.

7. 7

   The new three-year authorization commences on January 1, 2026 and expires on December 31, 2028 and will take effect after the Company’s existing $750 million share repurchase program expires on December 31, 2025.