Penn Entertainment launched ESPN Bet in its biggest market yet Friday (27 September) when it went live in New York state. The platform is now available in 19 US jurisdictions.
The platform, a partnership between the casino company and ESPN, went live in 17 US jurisdictions in November 2023. Prior to Friday’s New York launch, Pennsylvania was the biggest state in which the platform was live.
The New York launch was later than Penn executives had pointed to, as CEO Jay Snowden said he was hoping for a late August launch during the company’s second-quarter earnings call in early August. But the New York State Gaming Commission (NYSGC) didn’t have a meeting at which to approve the application until 23 September.
Penn was able to get into New York because WynnBet left earlier this year. The state has a cap of nine platforms, and all licences were accounted for at the beginning of the year. But Wynn Resorts has been unwinding its digital betting business and exited New York over the summer. The NYSGC Monday unanimously voted for the licence transfer.
ESPN Bet leveraging ESPN personalities
Since launch last November, ESPN Bet has underperformed — at least in comparison to what executives were hoping for. Snowden has pointed to double-digit market share as a goal, but according to a Susquehanna Financial Group July analyst report, it captured 3.4% of online gross gaming revenue (GGR) across the US through the first half of the year. The biggest operators — FanDuel and DraftKings — had captured 35% and 27%, respectively. Those numbers are for online sports betting and casino.
On the platform, New York customers will find a promotion called the “profit boost 5-pack.” New customers will automatically get five profit boosts — one each for the NFL, college football, MLB, NBA and NHL — on registration. The company also has a video featuring New York native and ESPN personality Stephen A. Smith celebrating the launch.
An enthusiastic Smith is looking out a window onto a night New York City skyline and says, “This is some good news, people. ESPN Bet is now available in the great state of New York! My hometown! New York stands up! It’s about time! We here! We here!”
The video is emblematic of the Penn-ESPN partnership, which since launch has leveraged cross-promotion between the flagship brand and the wagering platform. On the site is a photo of some of the best-known ESPN personalities, including Scott Van Pelt and Smith, with the phrase “The only place to bet exclusive boosts & markets curated by your favorite ESPN personalities” below the photo.
Source : IGamingBusiness