A huge legal sports betting brand is coming to the Empire State.
PENN Entertainment announced Tuesday that the sports betting company has purchased Wynn Interactive Holdings’ wagering license in New York.
ESPN BET, PENN’s newest platform that launched in November, will take over Wynn's place as one of the nine online sportsbooks operating in the Empire State.
“This is an important development that will bring ESPN BET to the largest regulated online sports wagering market in North America,” PENN Entertainment CEO and president Jay Snowden said. “Together with ESPN, we’re building a brand that is synonymous with sports betting, and operating in the New York market is key as we grow ESPN BET across the U.S.”
Coming in 2024
PENN bought out Wynn’s Empire State stake for $25 million. ESPN BET is expected to launch in 2024, pending approval from the New York Gaming Commission.
The World Wide Leader’s brand carries a lot of weight with sports fans and has had some success in other markets so far, cutting into the market share of other operators.
PENN, which operates 43 properties in 20 U.S. States, struck a deal worth $2 billion with ESPN in Aug. 2023 to replace Barstool Sportsbook as the gaming company’s platform brand.
Stiff competition
There are already several big names running mobile sports betting in New York. FanDuel and DraftKings made up 78% of the Empire State’s $1.96 billion handle in January.
BetMGM and Caesars are also operating in New York. ESPN has a large media presence in New York City already, hosting many of its talk shows there.
But it’s a huge get for PENN. New York is the top sports betting market in the U.S. The Empire State recorded more than $19 billion in handle and $1.7 billion in revenue in 2023.
