ESPN is making a major shift in its sports betting strategy, ending its partnership with PENN Entertainment and launching a new long-term deal with DraftKings , they announced Thursday.

The move comes less than two years after ESPN and PENN signed a 10-year, $2 billion agreement to launch ESPN BET, an ambitious attempt to merge the network’s media reach with PENN’s gaming expertise. But despite initial momentum, the platform struggled to gain significant market share.

On Thursday, both companies confirmed that ESPN BET will officially shut down next month, leaving eight years remaining on the original contract.

PENN Entertainment president and CEO Jay Snowden described the decision as mutual and forward-looking.

“When we first announced our partnership with ESPN, both sides made i

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