Penn Entertainment (NASDAQ: PENN) and (NASDAQ: DKNG) are major players in the lucrative world of sports betting, each carving out their niche in this evolving market. These companies garner a growing part of their revenue through online sportsbooks and gaming apps.

As Penn Entertainment unveiled ESPN Bet in mid-November, the industry braced for a shake-up, presenting both opportunities and challenges for investors and established leaders in the space, such as DraftKings. Let's look at what investors need to know before betting on one of these strong sportsbook contenders.

The entry of ESPN Bet into the sports betting arena marks a likely turning point in the industry, following its initial rollout to 17 states. This fusion presents a unique opportunity to capitalize on the widespread appeal of the ESPN brand (owned by Walt Disney) and Penn's industry experience.

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Source Fool.com