ESPN Bet to launch in New York via acquisition of Wynn licence
Penn Entertainment has reached a deal with Wynn Interactive Holdings to acquire its New York mobile sports betting licences.
US.- Penn Entertainment has reached an agreement with Wynn Interactive Holdings to acquire its New York mobile sports wagering licences, providing Penn with market access to the jurisdiction. Pending regulatory approvals, Penn will launch its online sports wagering product, ESPN Bet.
Penn will acquire WSI US, the entity that holds the mobile sports wagering licences issued by the New York State Gaming Commission in 2021, for $25m.
Jay Snowden, Penn Entertainment CEO and President, said: “This is an important development that will bring ESPN Bet to the largest regulated online sports wagering market in North America. 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 US.”
In November 2023, ESPN Bet launched in 17 US states, replacing Penn Entertainment’s previous sportsbook.
New York breaks online sports betting revenue record in January
Sports betting revenue in New York reached a record $211.5m in January, up 41.6 per cent year-on-year and 12.3 per cent ahead of December’s $188.3m. The mobile handle was $1.96bn, up 9.5 per cent year-on-year but 3.9 per cent lower than in December.
FanDuel posted $109.2m in online betting revenue, the highest figure yet posted by a single operator. It processed $867.1m in wagers. DraftKings was second with $71m in revenue. It took $663.8m in online bets.
