ESPN Bet to Expand into New York following Wynn Interactive Holdings Deal
LISTEN TO THIS ARTICLE:ESPN Bet is gearing to launch in the largest sports betting market in America, New York. PENN Entertainment, the parent company of ESPN Bet announced in an official statement yesterday that it has finalized an agreement with Wynn Interactive Holdings to obtain its sports wagering licenses for the New York mobile betting market.
As part of the deal, PENN will pay $25 million to obtain the licenses currently held by the Wynn Resorts entity, WSI US. WSI US, LLC holds the mobile sports wagering licenses issued by the New York State Gaming Commission in 2021, while Wynn Interactive operates as a subsidiary under Wynn Resorts, Limited.
Wynn's sports betting platform debuted in the Empire State in February 2022. As a result of the agreement, WynnBet will cease its online wagering operations in New York.
This is an important development that will bring ESPN BetM 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 U.S.
ESPN Bet Expands in the US
Subject to regulatory approvals, PENN will unveil its online sports wagering product, ESPN Bet, in New York in 2024. Already operational in 17 states, the move will further solidify ESPN Bet’s presence in the US. The platform debuted as a rebranded version of Barstool Sportsbook by PENN Entertainment. PENN initially acquired a 36% stake in Barstool Sports for $163 million in 2020 and in 2023, completed the acquisition of the remaining 64% in a deal valued at $388 million.
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