The New York sports betting landscape is set to welcome another well-known online sportsbook. ESPN BET has gotten the go-ahead to acquire a NY sports betting license.
The announcement comes after a New York State Gaming Commission meeting Monday where higher-ups at PENN Interactive made their case for a license. Approval was granted unanimously, and ESPN BET could be up and running in New York as soon as this weekend.
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More on ESPN BET and New York sports betting
ESPN BET was able to move into the New York sports betting scene thanks to the departure of WynnBET. That company pulled out of New York (and several other states) in July after more than two years as a bottom-level operator in the state.
New York sports betting law limits the number of active licenses to nine. ESPN BET was not an active sportsbook when NY sports betting launched several years ago. As a result, it wasn’t able to get into the market until another operator left.
PENN Entertainment, the company behind ESPN BET, paid about $25 million earlier this year to acquire WynnBET’s license. It wasn’t until Monday that the company made its case to regulators and, ultimately, received approval to go live in the Empire State.
How quickly can ESPN BET launch in New York?
In Monday’s meeting, a PENN Entertainment representative said ESPN BET could launch as soon as this week. From a business standpoint, this would be ideal, considering the abundance of NFL betting and college football betting options available between now and the end of those seasons.
If all goes as planned, NY sports bettors could have another option to use this weekend. However, it’s worth noting that sportsbook bonuses may be a bit lower than expected. New York sports betting boasts a 51% tax rate, the highest figure in the country. This usually means a lower marketing spend from sportsbooks, as they must fork over more revenue to the state’s coffers.
