PENN Entertainment announced Tuesday that it has reached an agreement with Wynn Interactive Holdings to purchase its mobile sports betting license in New York, paving the way for ESPN BET to enter the nation’s largest marketplace.
PENN Entertainment, which was the largest U.S.-based platform to be shut out of the Empire State prior to its launch of mobile betting apps in January 2022, will pay Wynn Interactive $25 million to acquire WSI US, which is the actual license-holder as WynnBET in New York. The New York State Gaming Commission still has to approve ESPN BET before it can accept any wagers, but PENN expects to launch at some point 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, in a statement. “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.”
New York has been the largest legal betting market in the United States since adding mobile wagering availability just over two years ago. It has generated more than $37 billion handle in the 25 months that online betting has been available and is the only state to surpass more than $2 billion in monthly handle, having accomplished that three times in 2023. New York also reclaimed the national monthly record for operator revenue in January, as sportsbooks totaled $211.7 million in revenue.