Penn Entertainment to launch ESPN Bet in New York
Penn Entertainment gains access to US market through acquisition of Wynn Interactive’s mobile sports wagering license.
Penn Entertainment has announced the acquisition of Wynn Interactive’s New York mobile sports wagering licenses.
This strategic move provides Penn with market access to launch ESPN Bet in 2024, pending regulatory approvals.
As part of the transaction, Penn is acquiring WSI US and LLC from Wynn Interactive Holdings for $25m.
The entity previously received its mobile sports wagering licenses from the New York State Gaming Commission in 2021 so this will now transfer over to Penn.
Penn Entertainment CEO and President Jay Snowden commented: “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 US.”
WynnBet recently left Massachusetts, as well as ceasing to operate its app in several other US states.
Mobile app users in Massachusetts have access to their betting history and online accounts until March 12 to withdraw their funds.
WynnBet no longer offers its online sports betting services in Colorado, Indiana, Louisiana, Massachusetts, New Jersey, Tennessee, Virginia and West Virginia.
At the end of last year, Penn Entertainment’s stock rose 6% as major stakeholder HG Vora pushed for Board seats.
Last year, Sports Betting Dime’s writer Robert Linnehan predicted targeting New York via Wynn’s license would be Penn’s next move in a November 2023 edition of GI Friday.
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