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ESPN BET Gains New York Sports Betting Access Through WynnBET License

Davis Isabela

Updated on February 13, 2024 at 4:13 PM EST • Read time: 1 min 57 sec. Find more on Twitter and Google News.

Jalen Brunson of the New York Knicks dribbles the ball, and we break down ESPN BET's entrance into New York.
Jalen Brunson of the New York Knicks dribbles the ball. Photo by Christian Petersen/Getty Images via AFP.

PENN Entertainment and ESPN BET’s partnership successfully entered the competitive New York sports betting market, securing valuable market access.

PENN has agreed to acquire the mobile sports betting license previously held by Wynn Interactive Holdings in New York, as announced on Tuesday.

ESPN BET is set to launch as the newest sports betting app in New York later this year.

PENN CEO and president Jay Snowden stated that this significant advancement will introduce ESPN Bet to the largest regulated online sports wagering market in North America. He emphasized the importance of building a brand synonymous with sports betting alongside ESPN, and highlighted the strategic significance of operating in the New York market as they expand ESPN Bet nationwide.

The deal

WynnBET has openly expressed its intention to exit the U.S. legal sports betting market and appears to have achieved success with the sale of its sports wagering provider license in New York, where it struggled to gain momentum.

Following the closure of its operations in the Massachusetts market last week, the company has now announced its departure from New York’s market.

WynnBET, a prominent player in New York’s thriving sports betting market since February 2022, will be closing its operations in the Empire State.

Wynn Interactive Holdings and PENN have reached an agreement to pay a $25 million transfer fee for the exclusive rights to provide top sportsbook promotions in New York.

Allowing ESPN BET to operate in New York may seem like a high price, but it is actually minimal compared to the $2 billion spent on launching the product and promoting it with ESPN BET promo codes.

The ESPN BET brand had always set its sights on New York as a prime destination. The acquisition of WynnBET now provides PENN Entertainment with a seamless and efficient means to launch the ESPN BET brand in the largest sports betting market in the United States.

ESPN BET growth

ESPN BET quickly established itself as one of the top sports betting apps after rumors began circulating. The app officially launched in 17 states in November 2023, successfully overtaking Barstool’s market presence in those regions, which was previously held by PENN.

In November, ESPN BET received approximately 1.2 million downloads within its first two weeks of launching, with 235,000 downloads recorded on its inaugural day.

ESPN BET aims to achieve a 7% market share target for its U.S. licenses by the end of the year. In January, it held a 6.6% market share in the Indiana sports betting scene, and last month in Maryland, it reported a 6.8% market share.

Thanks to a partnership with Quail Hollow Club, ESPN BET will be launching in the exciting North Carolina sports betting market in March. Additionally, PENN will be working to expand ESPN BET into other jurisdictions in the future.

The main focus for PENN Entertainment and ESPN BET was gaining access to New York’s sports betting market, which they have successfully achieved. With this important step completed, ESPN BET can now focus on closing the gap between itself and competitors like DraftKings and FanDuel.

Written By:
Davis Isabela
Davis Isabela is the Editor-in-Chief of Underscoreg Review. He has been a writer, reporter and editor for more than 20 years, and his work has appeared in more than 200 publications across North America. His first book, “100 Greatest Canadian Sports Moments”, was a hardcover best-seller in Canada in 2008. He has written more than 50 sportsbook reviews and dozens of other sportsbook-related content articles. James has also been quoted as a sports betting expert in USA Today and Sports Illustrated.