PENN Entertainmen t and ESPN mutually agreed to terminate their U.S. sports betting contract on Thursday.

PENN and ESPN announced the decision in a joint statement. The early termination of their agreement will be effective on Dec. 1.

"When we first announced our partnership with ESPN, both sides made it clear that we expected to compete for a podium position in the space," PENN Entertainment President and CEO Jay Snowden said in a statement. "Although we made significant progress in improving our product offering and building a cohesive ecosystem with ESPN, we have mutually and amicably agreed to wind down our collaboration. We plan to refocus our digital strategy on our growing iCasino business, while continuing to capitalize on our omnichannel advantage as the nation’s leading regio

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