Penn Announces Deal with Wynn to Acquire New York Sports Betting Licenses: Launch ESPN BET

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Penn Announces Deal with Wynn to Acquire New York Sports Betting Licenses: Launch ESPN BET

Penn Entertainment Inc. is one step closer to offering its ESPN BET sports betting product in New York, one of North America's largest regulated online sports wagering markets.

Today, the company announced they have a deal with Wynn Interactive Holdings to acquire Wynn’s New York sports betting licenses, giving PENN access to the market. As soon as the regulatory approvals go through PENN will be able to launch ESPN BET there. A news release said PENN is looking to do that in 2024.

Penn Looks to Launch ESPN BET in New York in 2024

“This is an important development that will bring ESPN BET to the largest regulated online sports wagering market in North America,” said Jay Snowden, PENN Entertainment CEO and President. “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.”

PENN is acquiring WSI US LLC from Wynn Interactive Holdings for $25 million. WSI US LLC is the entity that holds the mobile sports wagering licenses issued by the New York State Gaming Commission in 2021. Wynn Interactive is a subsidiary of Wynn Resorts Ltd.

$25 Million Deal

PENN launched ESPN BET in November, now live in 17 states, available for mobile wagering on iOS and Android, and at www.ESPNBET.com. PENN also owns theScore Bet in Canada. PENN’s online casino offering is also accessible within ESPN BET under the Hollywood Casino brand in Michigan, New Jersey, Pennsylvania, and West Virginia.

New York Sports Betting Scene

New York stands as North America's top-earning state, setting a new benchmark in January 2024 with operators amassing $211.5 million in revenue, marking a record-breaking streak for the third consecutive month. This January's revenue surpassed the previous high of $188.3 million from December 2023 by 12.3% and was a significant 41.6% increase over the $149.4 million recorded in New York in January of the previous year.

Regarding betting volumes, bettors placed bets totaling $1.96 billion over the month, a 9.5% rise from January 2023's $1.79 billion, though it was a slight decline of 3.9% from December's $2.04 billion. Additionally, this figure fell 6.7% short of the all-time high of $2.10 billion recorded in November of the previous year.

Prominent operators in the market currently include FanDuel, DraftKings, Bally Bet, BetMGM, Caesars Sportsbook, Fanatics Sportsbook, Resorts World Bet, and BetRivers.

In a notable achievement for January, FanDuel Sportsbook NY set a new state record by generating $109.2 million in online betting revenue, the highest amount ever reported by a single operator.

About PENN Entertainment

PENN Entertainment, Inc. and its family of companies lead the way in offering top-notch entertainment, sports content, and casino gaming in North America. They’re at the helm of 43 venues across 20 states, and you can find online sports betting in 18 places and iCasino in five, all under famous names like Hollywood Casino®, L’Auberge®, ESPN BET™, and theScore Bet Sportsbook and Casino®. 

In August 2023, they kicked off an exciting, exclusive, long-term partnership with ESPN, focusing on online sports betting in the U.S. This move, along with its ties to major sports media brands like ESPN in the U.S. and theScore in Canada, is setting up to broaden its online presence and attract more customers greatly. Their unique approach relies on natural cross-promotion chances backed by our leading physical casinos, sports media resources, and cutting-edge technology. 

This includes a top-of-the-line digital sports and iCasino betting platform and an in-house iCasino content studio. Plus, our PENN Play™ loyalty program, with over 27 million members, offers incredible rewards and experiences across all their channels.