Bob Chapek Steps Down as Disney CEO

By Matt Speakman,
Betting Expert at online-gambling.com

Matt Speakman Betting Expert at online-gambling.com

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Last updated: November 26, 2022

Bob Chapek is leaving as CEO of The Walt Disney Company and has been replaced by former CEO Bob Iger. This development could impact the media giants’ plans for gambling. Disney’s interest in the sector has increased as analysts predict how the company’s ESPN sports streaming and broadcasting unit will enter the market. This most likely would happen through acquisition, a standalone platform, or a joint venture.

Speaking off the back of the fourth quarter earnings results of the company, Bob Chapek stated that ESPN would be the ideal platform for Disney to gain a foothold in wagering. He said, “We do believe that sports betting is a very significant opportunity for the company. And it’s all driven by the consumer”. Chapek continued by saying that consumers, especially younger consumers, who want gambling to be a part of their sports experience, are the ones who drive sports betting.

Chapek’s Departure May Affect Disney’s Gambling Plan

With Bob Chapek’s departure and Bob Iger’s return to CEO duties, any gambling and/or sportsbook plans in work at Disney could be put on hold. During Bob Iger’s first tenure, Disney held a strong anti-gambling stance, including objecting to legislation authorizing gambling in Florida, the state that is home to its Walt Disney World resort.

During a 2019 earnings call, Bob Iger mentioned that he couldn’t see Disney getting into the business of gambling. He did note, however, that Disney would not be seeking entry into the gambling industry in the near term, hinting that there may be a potential future probing of the industry under his leadership despite facing opposition at that time.

Bob Iger’s return to the company and Bob Chapek’s departure come after a difficult trading period for the company during Q4, with revenue increasing by only 1% to $160 million in 2021 to $162 million. The company’s streaming division also lost almost $1.5 billion. In comparison, Bob Iger led the company through a massive period of expansion, launching the Disney+ streaming service, which is now very popular. The company also acquired 21st Century Fox, Marvel, Lucasfilm, and Pixar during his tenure.

Bob Iger’s Previous Objections to Betting Expansion May Be a Bit Dampened

US observers see ESPN as the crown jewel for stateside wagering. The company holds broadcast rights to the NFL, PGA Tour, NBA, the UEFA Champions League, and Nascar. Given Bob Iger’s obvious preference for expansion and acquisitions, as well as Disney’s streaming operations challenges and ESPN continued success, the returning CEO’s past objections to betting expansion could be partially dampened.

ESPN already has sports betting connections through its partnership with DraftKings and Caesars Entertainment. Bob Iger speaking on his return as CEO of Disney, said that he was highly optimistic about the future of the company. He said he was delighted to have been asked by the Board to return as CEO. Iger further mentioned that Disney and its unrivaled brands have a special place in the hearts of several people around the world, particularly in the hearts of their employees, whose devotion to the company and its mission is inspiring.