Penn Entertainment obtained license from Wynn Interactive for ESPN Bet. This move will allow the entertainment to launch its sports betting product in New York.
It happened in connection to Penn Entertainment’s new deal with Wynn Interactive Holdings.
This will see Penn Entertainment acquire WSI US from Wynn Interactive Holdings amounting to $25m.
Mobile sports wagering licenses will transfer over to Penn Entertainment. This is in line with WSI US recently receiving this in 2021 from the New York State Gaming Commission.
Penn Entertainment will be able to launch ESPN Bet, its online sports wagering platform in New York. This is with the help of its new market access.
Gambling Insider predicted this in GI Friday Week 47 Edition 2023 way back in November 2023.
Jay Snowden is the CEO and President of Penn Entertainment. He said this development is important. It will bring ESPN Bet to the largest regulated online sports wagering market in North America.
Snowden said they are working with ESPN to build a brand for sports betting. Operating in New York is important for expanding ESPN Bet nationwide.
ESPN Bet was first announced on August 09 of last year. This included plans to launch as multi-platform online sportsbook and mobile app in 16 states.
New York sports betting surpassed $2bn for the third month in a row. However, for Penn Entertainment, this is still considered a costly investment.
The $25m for the mobile sports wagering license in New York is in addition to the $2bn spent on ESPN Bet development.
WynnBet announced they will no longer offer online sports betting services in Massachusetts.
WynnBet stated on social media that customers must withdraw funds within 30 days before the platform closes on March 12.
The online platform is closing for commercial reasons.
The sportsbook will continue operating in retail casino locations like Encore Boston Harbor.
Penn has signed a new partnership with DraftKings. Barstool Sports, their old partner, is moving on.
