The Walt Disney Co. is taking a gamble on sports betting.

The entertainment giant, notoriously conservative when it comes to protecting its brand, will use ESPN as its entry point into the fast-growing sector. "Given our reach and scale, we have the potential to partner with third parties in this space in a very meaningful way," Disney CEO Bob Chapek told analysts during a Nov. 10 earnings call.

The decision to pursue a multibillion-dollar betting deal is something of a strategic pivot for the company, which for years said that the only role sports betting had at ESPN was as one more piece of its TV programming.