In most instances, only one winner can emerge from an athletic contest. That was the dynamic on Wednesday with online sports-wagering specialist (NASDAQ: DKNG). Following the announcement that a rival had signed a potentially lucrative deal with a top name in the sports world, DraftKings' shares closed the day down by almost 11%.

In the next-generation gambling space, investor excitement was directed at Penn Entertainment. The company, a casino operator that has moved into digital wagering like numerous peers, said it is teaming up with Walt Disney unit ESPN. Together, Penn and ESPN will launch ESPN Bet, a rebranded version of the existing Barstool Sportsbook.

ESPN is one of the most valuable pieces of intellectual property in the sports media world. Given this, Penn also stands to benefit from the 10-year, exclusive right to the ESPN Bet trademark it's been granted as part of the deal. 

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Source Fool.com