Penn Entertainment has recently announced that it has reached an agreement to acquire Wynn Interactive Holdings’ New York sports betting licences, paving the way for the company to launch ESPN Bet in the state by 2024. The acquisition provides Penn with market access in New York and involves the purchase of Wynn Resorts subsidiary Wynn Interactive’s mobile sports wagering licences entity, WSI US, LLC, for $25m.
This acquisition is significant as WSI US, LLC holds the sports betting licences issued to Wynn by the New York State Gaming Commission in 2021. Once all the necessary approvals are obtained, Penn plans to launch ESPN Bet in the state later this year. The company had previously partnered with ESPN in August of last year, resulting in Penn’s Barstool Sportsbook being rebranded as ESPN Bet and being launched across 17 US states in November.
Jay Snowden, CEO and president of Penn Entertainment, expressed excitement about the acquisition, stating that it will enable ESPN Bet to enter the largest regulated online sports wagering market in North America. He emphasized the importance of operating in the New York market as a key part of their strategy to expand ESPN Bet across the US. Snowden mentioned, “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 US.”
This move represents a significant step for Penn Entertainment as it looks to establish a strong presence in the lucrative New York sports betting market and expand its ESPN Bet brand nationwide. The company is optimistic about the growth prospects for ESPN Bet and aims to capitalize on the popularity of sports betting in the US. With the acquisition of Wynn Interactive Holdings’ New York sports betting licences, Penn Entertainment is well-positioned to make a splash in the competitive sports betting industry.