(NewsNation/NEXSTAR) — An hour after announcing it was ending its sports betting agreement with PENN, ESPN says it has entered a multiyear agreement with sportsbook DraftKings.

In a joint statement Thursday, ESPN and PENN Entertainment said they had mutually agreed to end the 10-year, $2 billion deal signed in 2023 that launched the ESPN Bet app. The deal allowed PENN to use ESPN's branding on its sportsbook app.

But that business is extremely competitive, with FanDuel, DraftKings, MGM, Caesars, Rivers, Fanatics, Hard Rock and Bet365 among the litany of companies vying for bettors' action in multiple states.

Despite ESPN's brand recognition, the companies acknowledged in a news release that their venture was falling behind certain benchmarks outlined in their agreement and that they opt

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