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Just another billion-dollar deal down the drain.

Penn Entertainment announced Thursday it was opting out of its sports betting partnership contract with ESPN, ending what was initially a 10-year, $1.5 billion deal.

ESPN will now become the new official betting partner of DraftKings Sportsbook , as first reported by Front Office Sports.

“We will operate with a more efficient cost structure, including replacing fixed media spending … the realignment will free up resources to strategically invest in the North American markets,” Penn announced

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