Penn Entertainment to Bring ESPN Bet to New York's Online Sports Betting Market
Sports betting platform ESPN Bet officially launches in New York, following a $25 million partnership with Wynn.
Penn Entertainment, the parent company of BetRivers, has announced plans to acquire Wynn Resorts' sports betting licenses in New York. This move is expected to position ESPN Bet among the nine online sports betting brands operating in the state.
The acquisition, which is subject to regulatory approvals, will grant Penn Entertainment access to the lucrative New York mobile sports betting market. Jay Snowden, CEO and president of Penn Entertainment, expressed his ambition to build a sports betting brand synonymous with ESPN, with operating in the New York market being crucial as they grow ESPN Bet across the US.
The current operators in New York's online sports betting market include FanDuel, BetMGM, Fanatics, BetRivers, Resorts World, Bally Bet, Caesars Sportsbook, DraftKings, and ESPN Bet. Each of these brands offers a range of welcome bonuses, odds boosts, live betting, and rewards programs, with some prominently partnering with local sports teams to enhance their market presence.
With the acquisition of Wynn's WSI US, LLC, Penn Entertainment is poised to make a significant impact on the New York sports betting market. The consolidation is expected to bring increased market share and competitiveness for Penn Entertainment, potentially strengthening BetRivers and any other offerings Penn launches under these licenses.
Moreover, the merging of Wynn’s platforms with Penn’s established BetRivers app could lead to potential improvements in product offerings and technology, enhancing user experience. The competitive pressure on existing operators may also drive innovation and promotional activity to retain and grow customer bases.
The expected launch date for ESPN Bet in New York is 2024. The acquisition is valued at $25 million, securing mobile sports betting market access for Penn Entertainment in the state.
This consolidation reflects the maturation of New York’s betting market as operators position to capitalize on its status as one of the largest betting states in the U.S. As the market evolves, it will be interesting to see how Penn Entertainment's entry impacts the existing operators and the overall market dynamics.
Key Points
- Penn Entertainment has agreed to purchase Wynn Resorts' New York sports betting licenses for $25 million.
- The deal secures mobile sports betting market access for Penn Entertainment in New York.
- ESPN Bet is anticipated to launch in New York, pending regulatory approvals.
- The expected launch date for ESPN Bet in New York is 2024.
- Penn Entertainment owns BetRivers and is positioned to consolidate and expand its offerings in New York.
- The acquisition will likely increase market share and competitiveness for Penn Entertainment, potentially enhancing BetRivers and competing more aggressively with other operators.
- The merging of Wynn’s platforms with Penn’s established BetRivers app could lead to potential improvements in product offerings and technology, enhancing user experience.
- The competitive pressure on existing operators may drive innovation and promotional activity to retain and grow customer bases.
- The acquisition generally signals further consolidation in New York’s capped nine-operator market and may intensify competition among sportsbooks.
Sportsbook ESPN Bet, a product of Penn Entertainment, is anticipated to enter the New York market following the acquisition of Wynn Resorts' sports betting licenses by Penn Entertainment. sports betting is expected to become more competitive with the introduction of ESPN Bet, potentially driving innovation and promotional activity among existing sportsbooks such as FanDuel, BetMGM, and DraftKings.
