One of America’s newest sportsbooks is officially on its way to the Empire State. ESPN BET will be live in New York later this year after PENN Entertainment reached a deal with Wynn Interactive Holdings to take over that company’s NY sports betting license.
ESPN BET officially launched in late-2023, following PENN Entertainment’s move away from Barstool Sports. PENN had previously applied for a New York sports betting license in 2021, but was not selected.
More on ESPN BET’s move to New York
Under the terms of the agreement, PENN will pay $25 million for the license currently in use by WynnBET. WynnBET has struggled to gain any traction in New York, and last year moved out of several other states for similar reasons.
PENN Entertainment CEO and President Jay Snowden expressed his enthusiasm for the deal in a press release:
“This is an important development that will bring ESPN BET to the largest regulated online sports wagering market in North America. 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.”
There is precedent for this sort of maneuver. In 2023, Fanatics purchased PointsBet’s U.S. assets and assumed their licenses in states across the country. One of those states was New York, which approved a license for Fanatics Sportsbook in October of 2023. Fanatics is expected to go live in the Empire State later this year.
When will ESPN BET launch in New York?
It’s likely that this launch will take some time to come to fruition. The New York State Gaming Commission is tasked with approving license requests, but that’s only the first step in this process.
Historically, regulators in New York have prioritized bettors over operators. This is evident in the state’s 51% tax rate on revenue, which is easily the highest such figure in the country.
A likely target date would be the start of the 2024 NFL and college football seasons. That would provide New York sports bettors with another one of the best online sportsbooks, and be a logical entry point for PENN and ESPN BET.
