ESPN Bet Is Coming To New York: What Penn Entertainment Investors, Sports Bettors Should Know
Portfolio Pulse from Chris Katje
PENN Entertainment acquired a New York mobile sports wagering license from Wynn Interactive for $25 million, aiming to launch ESPN Bet in New York in 2024. This move is part of a strategy to expand ESPN Bet, rebranded from Barstool Sportsbook, across the U.S. with a licensing agreement with Disney. The New York sports betting market, the largest in North America, saw record revenues, with FanDuel, DraftKings, Caesars Entertainment, and BetMGM leading in January.
February 13, 2024 | 6:35 pm
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Wynn Interactive, a unit of Wynn Resorts, sold its New York mobile sports wagering license to PENN Entertainment for $25 million.
The sale of the license to PENN could be seen as a strategic move for Wynn to reallocate resources or focus on other markets. The immediate financial impact is neutral, but the long-term strategy needs to be observed.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
PENN Entertainment announced a licensing agreement with The Walt Disney Company to use the ESPN sports brand for its rebranded Barstool Sportsbook as ESPN Bet.
The licensing agreement with Disney to use the ESPN brand for PENN's sportsbook could significantly enhance brand recognition and user trust, potentially positively impacting Disney's stock as it expands its brand's presence in sports betting.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
PENN Entertainment acquires a New York mobile sports wagering license for $25 million, planning to launch ESPN Bet in 2024, aiming to expand its presence in the U.S. sports betting market.
Acquiring a license in a key market like New York, especially with the rebranding to ESPN Bet, is likely to enhance PENN's market position and attract more users, potentially boosting its stock in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100