ESPN Bet’s New York launch possible after NYSGC approves licensing deal
Penn Entertainment had agreed to pay $25m to acquire the license after WynnBet’s operations in the state were shut down.
The New York State Gaming Commission (NYSGC) announced that it has unanimously approved Penn Entertainment’s transaction to acquire Wynn Interactive Holding’s online sports betting license in the state. Wynn chose to offload the license after it concluded WynnBet’s operations in New York.
The approval of the $25m licensing deal would allow for the launch of ESPN Bet in New York after Penn debuted the operator in November 2023 as a rebrand of Barstool sportsbook.
The Commission held a hearing on September 23 to vote on the transaction, as well as get the opportunity to gather more information on potential concerns.
NYSGC members questioned Penn’s Executive VP of Chief Strategy and Legal Officer and Secretary, Chris Rogers, on ESPN’s relationship with college campuses and how sports betting could impact students.
“We take it very seriously about not targeting college students in our marketing efforts and there’s obviously discussions around betting on college sports as part of our editorial,” Rogers said.
“From an ESPN perspective, that is one thing that leads to increased engagement from the audience that already has an interest in betting.”
In 2023, Penn acquired the remaining 64% of Barstool Sports for nearly $388m, leftover from its original $163m transaction in 2020.
ESPN Bet initially launched in 17 states, which included Arizona, Colorado, Indiana, Kansas, Michigan and New Jersey. In March, it also began to operate in the state of North Carolina.
New York currently has a cap of allowing nine digital wagering licenses at once. All nine were accounted for at the beginning of 2024, but WynnBet decided to exit the digital betting business and departed the state in July.
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