Sports betting platform ESPN Bet makes its debut in New York, inking a substantial $25 million partnership with Wynn Resorts.
Penn Entertainment, a leading operator in the sports betting industry, has announced its acquisition of Wynn Resorts' New York sports betting licenses. This move is part of a larger strategy to grow ESPN Bet across the US, as highlighted by Jay Snowden, CEO and president of Penn Entertainment.
The acquisition secures mobile sports betting market access for Penn Entertainment in New York, a significant move considering the mature and competitive nature of the market. As of 2025, nine online sports betting brands are available in New York, including major operators such as BetMGM, Caesars Sportsbook, DraftKings, FanDuel, BetRivers, Fanatics, Resorts World, ESPN BET, and Bally Bet.
The projected launch date for ESPN Bet in New York is 2024, pending regulatory approvals. Once launched, ESPN Bet will join the existing brands, positioning itself among the established players in the market.
It's important to note that the deal does not specify any changes to the existing brands in the New York mobile sports betting market. The existing active brands, including FanDuel, DraftKings, Bally Bet, BetMGM, Caesars Sportsbook, Fanatics Sportsbook, Resorts World Bet, and BetRivers, will continue to operate as usual.
Snowden emphasised that they are building a brand with ESPN that is synonymous with sports betting. He also mentioned that operating in the New York market is key as they grow ESPN Bet across the US.
The acquisition will bring ESPN Bet to the largest regulated online sports wagering market in North America, which is New York. This move is expected to enhance Penn's market share and capacity to offer more options or consolidate offerings under its portfolio, potentially increasing its competitive leverage against other sportsbooks like DraftKings and FanDuel in New York's capped-license market.
References:
[1] Industry Review - Sports Betting in New York [2] Sportsbook Listings - New York [3] New York Online Sports Betting Brands [4] Penn Entertainment's Expansion into New York's Sports Betting Market
The acquisition of Wynn Resorts' New York sports betting licenses by Penn Entertainment will provide access to the mobile sports betting market in New York, a step that strengthens Penn's sports betting brand, ESPN Bet, amidst the mature and competitive sports betting market in New York. The deal, expected to intensify Penn's market share, places ESPN Bet among the established sportsbooks like DraftKings and FanDuel in the capped-license market of New York.
