Penn Entertainment acquires Wynn Interactive’s New York licence for ESPN Bet
The move will allow Penn Entertainment to launch its sports betting product in New York.
Penn Entertainment has signed a deal with Wynn Interactive Holdings.
This will see Penn Entertainment acquire WSI US from Wynn Interactive Holdings for $25m.
As WSI US previously received its mobile sports wagering licenses from the New York State Gaming Commission in 2021, this will transfer over to Penn Entertainment.
With its new market access, Penn Entertainment will be able to launch its online sports wagering platform ESPN Bet in New York.
This was, of course, something a guest of Gambling Insider’s predicted back in November in the GI Friday Week 47 Edition 2023.
Jay Snowden, Penn Entertainment CEO and President, said: “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.”
ESPN Bet was first announced on 9 August 2023, which included plans to launch a multi-platform online sportsbook in 16 states, as well as a mobile app.
Although it was announced recently that the New York sports betting handle totalled over $2bn for the third month in a row, this is still an expensive investment for Penn Entertainment.
While the $25m to acquire the mobile sports wagering license for New York may not seem like the biggest expenditure, this is on top of the $2bn already invested into the development of the ESPN Bet product.
This comes after WynnBet has announced that it will no longer offer online sports betting services in Massachusetts.
In a statement the company made on social media, WynnBet explained that customers will have 30 days to withdraw all funds from accounts before the platform closes on 12 March.
Although the online platform will be ceasing operations due to ‘commercial reasons,’ the sportsbooks will stay active in retail casino locations, such as Encore Boston Harbor.
Even Penn’s old partner at Barstool Sports is moving on, however, this week signing a new partnership with DraftKings.
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