ESPN Bet Officially Acquires Coveted New York Operating License

Bettors in the Empire State are about to get another online sportsbook to use this NFL season.

The New York State Gaming Commission (NYSGC) has approved Penn Entertainment’s ESPN Bet platform for a sports betting operating license this week. The news comes a month after Penn CEO Jay Snowden promised investors they would enter the country’s most profitable market. The license is a massive win for ESPN Bet, which is hoping to launch as soon as possible.

“We do have a couple boxes to check and make sure that we are right from a technology standpoint and ready, but we would be prepared to launch in the matter of several days, perhaps even a soft-launch in advance of the weekend,” Penn VP Chris Rogers told the NYSGC after the approval.

ESPN Bet gained access to the massive New York sports betting market thanks to Penn’s purchase of WynnBet. The deal gave Penn the ability to use WynnBet’s New York license for their new ESPN Bet platform, though the process to get it done took a long time. 

The approval comes at an excellent time for Penn and ESPN, as they’ll be live for the vast majority of the NFL season.

ESPN Bet Hoping For Boost

While the license is seen as a massive victory for ESPN Bet, the platform continues to struggle to compete. The brand name has helped the sportsbook gain some popularity, but it still struggles to compete with the first - and second-tier operators in the US. The ESPN name carries a lot of weight in sports-obsessed New York, giving the operator hope that it could boost them nationwide badly. 

ESPN Bet will undoubtedly see a significant uptick in handle once New York goes live, though they will also be responsible for paying the state’s astronomical 51% tax rate.