ESPN launching 'ESPN BET' with Penn Entertainment

ESPN is set to launch its new betting platform "ESPN BET" in partnership with Penn Entertainment (PENN). Penn Entertainment was working with Barstool Sports, but as part of the deal, it has divested its ownership in the company back to founder Dave Portnoy. Shares of Penn Entertainment rose after the announcement of its partnership with ESPN, which is owned by Disney (DIS). Yahoo Finance Live breaks down how "ESPN BET" will work and what this means for sports gambling.