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ESPN BET Hits Snag in New York

Andrew Reid

Last Updated: September 10, 2024 2:41 PM EDT • 1 min 16 sec read.

New York Yankees catcher Austin Wells reacts as he rounds as we look at ESPN BET hitting roadblocks in its New York launch
New York Yankees catcher Austin Wells reacts as he rounds the bases after hitting a three run home run. Photo by: Brad Penner/Imagn Images.

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.

Written By:
Andrew Reid
Andrew is a Publishing Editor at Sportsbook Review. He graduated from Acadia University with a degree in Kinesiology, working as a personal trainer and in injury rehab, and then attended the College of Sports Media in Toronto to attain a diploma in Radio and Television Sports Broadcasting. Andrew has been involved in the sports betting and fantasy sports space since joining the FNTSY Sports Network in 2014, where he worked as a producer, director, and occasional on-air talent on various shows focusing on sports betting and DFS content. Prior to joining SBR, he spent multiple years with the USA Today Network as an editor and writer. Living in Newfoundland, Andrew frequents grey market sportsbooks, but in the past, when he's lived in regulated areas, he's become well-versed with all of our best sportsbooks. As strictly a casual bettor, he enjoys making touchdown parlays with friends (bro-lays), sweating out golf cut parlays during majors, playing same-game parlays for fun, and chasing long-shot bets. He also enjoys using sportsbooks that have solid iGaming and casino platforms. As the old guy on staff, he has an affinity for industry news, which confuses some, but shh ... quiet ... the news is on.