ESPN Bet is coming to NYC.
The deal was announced after
Penn Entertainment, which operates the sports betting platform that ESPN Bet is built on, announced they will be paying Wynn Resorts $25 million for market access. That’s the same amount that Wynn Resorts paid in 2021 for the New York state mobile sports betting license.
Penn Entertainment paid “$1.5 billion deal over 10 years, plus $500 million in stock warrants, to license one of the most recognizable brands in sports: ESPN.” according to a report on CNBC.
While FanDuel and DraftKings have the majority of market share, ESPN Bet was able to gain a nearly 8% market share by the end of the NFL season.
ESPN Bet plans launch in New York, the largest U.S. betting market