Pat McAfee Subtly Rips ESPN Bet For Tanking Penn Stock Thanks To Low Revenue

Penn Entertainment made a big move when it dumped Barstool as its gambling partner and linked up with ESPN to create the ESPN Bet online sportsbook back in November. 

Penn felt like the Barstool brand held them back and caused issues with state licensing boards. So, they joined up with the so-called "Worldwide Leader in Sports" instead. 

However, things haven't been quite so rosy for the new power duo in the sports betting space. On Thursday, Penn released its earnings for the first quarter of 2024. 

They fell short of expectations, causing their stock to fall as much as 15%, according to Sportico. That was heavily driven by the under-performance of ESPN Bet. 

ESPN Bet under-performed in the first quarter of 2024, causing the Penn Entertainment stock to tumble and giving Pat McAfee a good laugh.

(Gabby Jones/Bloomberg via Getty Images)

Although Penn's overall revenue was essentially inline with what analysts predicted, ESPN Bet was nowhere close to estimates.

Analysts predicted the new sportsbook would generate around $237 million in Q1. Instead, the book pulled in $209 million from January-March. That's over 10% less than the estimated revenue, which is … not great. 

During the Pat McAfee Show on ESPN on Thursday, a promo for ESPN Bet came on the screen. McAfee saw the promo and couldn't help himself. 

"Reports have come back. ESPN Bet has A LOT of room to grow," he said with a laugh, as the staff also laughed. 

McAfee also hinted that there was a staff group chat about the poor numbers, and then he blamed one of his producers for putting an ESPN Bet promo on the screen, presumably right after they discussed said performance. 

In his time at ESPN, McAfee continues to show that he's not afraid to talk about anything, even if it makes the company look bad. He openly called a now-former executive a "rat" on the air. 

Two weeks ago, a major investigative piece came out on ESPN.com about Bill Belichick and Robert Kraft. One of the McAfee staffers called the report "bullsh*t." 

What would seem like a liability to ESPN is exactly why the company needs McAfee. Sports fans mostly tune out ESPN talent because of their clear political biases and willingness to do the company's bidding. 

Not McAfee. He and his staff are going to tell you the truth, no matter what. Sadly, there's just not a lot of that in the media right now, which is what makes it so refreshing.