ESPN BET Hits Snag in New York
Residents of New York already enjoy access to many of our best sports betting sites, but a new operator is looking to join the fray.
Since taking over WynnBet's online sports betting license in the New York sports betting market, ESPN BET has been looking to dip its toes into the nation's largest sports betting scene.
However, it's hit a snag on the road to the launch.
Regulatory approvals
PENN Entertainment noted in its August press release that the company's planned late August launch in the Empire State would be subject to meeting regulatory approvals.
While bettors may have been clamoring to use ESPN BET promo codes for the opening week of the NFL season, it seems those approvals have not yet been met. Half of your survivor pool was probably eliminated in Week 1, but ESPN BET remains without a New York sports betting app.
The acquisition of WynnBet has not yet been approved. A spokesperson for the New York State Gaming Commission told Covers that the regulators believed they would consider the acquisition at their next meeting, scheduled for Sept. 23.
Even after the WynnBet license takeover is approved, ESPN BET may still face hurdles to climb. For now, residents need to choose from different New York sportsbook promos.
Busy fall
The company reported net income losses of $26.8 million during the second quarter of the 2024 fiscal year, which came off of $1.66 billion in revenues. ESPN BET specifically reported $232.6 million in revenue for the quarter and reported EBITDA losses of $102.8 million for the three-month period. That's resulted in mass layoffs to boost growth.
Those losses were in part due to the sportsbook's failure to reach a double-digit percentage market share in any market where it operates.
But the company and PENN Entertainment remain busy in an effort take out a larger chunk of the market share.
ESPN BET Live went to the main ESPN network for the first time ahead of the college football and NFL seasons.
In August, PENN Entertainment also helped spread brand awareness while rebranding eight of its retail sportsbooks to the ESPN BET brand.