When you sign-up through links on our site, we may earn an affiliate commission. Learn more >

ESPN Bet Setting to Launch in New York After Purchasing License

Written by: Michael Savio
Published February 20, 2024
6 min read
ESPN Bet Setting to Launch in New York After Purchasing License

ESPN Bet’s quick expansion into the US market is about to take another step. Penn Entertainment, which operates the ESPN Bet platform, announced that it had purchased WynnBet’s New York sports betting license for around $25 million.

The announcement is a massive win for Penn and ESPN Bet. New York is quickly becoming the largest market in the industry, but only nine licenses are available. That has kept sportsbooks like ESPN Bet, Fanatics, and other newcomers on the outside looking in. The Empire State will be the eighteenth market where the ESPN Bet platform will be available. 

The move comes as WynnBet struggles to capture market share in the online sports betting industry. In November 2023, they finished seventh in handle ($105,571,245) and dead last in win percentage (4.16%). The operator recently closed down their Massachusetts sportsbook, meaning they will have the WynnBET platform available in just two states once the New York license is transferred. 

New York has seen over $970 million in sports betting tax revenue since launching in January 2022. 

Penn Taking Major Losses Early On With ESPN Bet

While ESPN Bet has become a popular choice for bettors in the US, Penn has taken a significant loss since launching the platform in November 2023. Penn announced that they had lost $333.8 million, far outpacing their $150 million projection. 

The reason for the massive loss is twofold. The first cause is ESPN Bet's aggressive promotions to gain market share in new states. The second is an above-average win percentage for bettors. These losses will likely continue for some time as ESPN Bet continues to offer competitive promotions to break into new markets.

The losses will be worth it for Penn if they can hold on to customers once their opening promotions are over. The US market is dominated by DraftKings and FanDuel, leaving the rest of the operators to fight for a small chunk of market share.

Image for Michael Savio

AUTHOR

Michael Savio

412 Articles

Michael is an avid sports fan and a veteran bettor from Milwaukee. He learned the trade from his grandfather in Las Vegas as a kid and has turned that into a successful career. He cheers for all Wisconsin pro teams along with his Alma Mater Arizona State. He specializes in baseball betting, but has experience in football, basketball, and hockey as well. When he isn’t pouring over stats, he’s spending time with his two young children.

More info on Michael Savio
We've been featured on:
espn logo
reuters logo
cbs-news logo
forbes logo
entrepreneur logo
entrepreneur logo
We only list licensed sportsbooks
WorldSportsNetwork
WorldSportsNetwork
WorldSportsNetwork
WorldSportsNetwork

© Rebel Penguin ApS 2024 (a subsidiary of Gaming Innovation Group Inc.)

We support responsible gambling. 21+ Only. Gambling problem? Call 1-800-Gambler.

WSN.com is run by iGaming Cloud Inc (a Gaming Innovation Group Subsidiary) and is registered with the New Jersey Division of Gaming Enforcement (DGE) under affiliate vendor ID 89744, with the Indiana Gaming Commission (IGC) under certificate of registration number SWR-000148, approved by the Pennsylvania Gaming Control Board as a gaming service provider, under certificate registration number 117656-1, possesses a Vendor Minor sports betting license from the Colorado Limited Gaming Control Commission (account number 94414163), granted a vendor registration number VR007603-20-001 by the Michigan Gaming Control Board, an interim Sports Wagering Supplier license, under license number SWS 066, issued by the West Virginia Lottery Commission, a sports betting vendor registration, under registration number #100400, issued by the Director of Gaming Licensing and Investigations of the Virginia Lottery to operate in the State of Virginia, and a Vendor Registration issued by the Sports Wagering Committee of the Tennessee Education Lottery Corporation.

Advertising disclosure: WSN contains links to online retailers on its website. When people click on our affiliate links and make purchases, WSN earns a commission from our partners, including ESPN and various sportsbooks.