Apr 22, 2023; Boulder, CO, USA; General view of an ESPN microphone during the first half of a Colorado Buffaloes spring game at Folsom Filed. Mandatory Credit: Ron Chenoy-USA TODAY Sports
- A New York State Gaming Commission representative gave an update on the ESPN BET launch in the state
- The representative said PENN’s application to acquire Wynn Interactive has not yet been considered by the commission
- The earliest the commission will consider, and potentially approve the acquisition, will be Monday, Sept. 23
ESPN BET will not be available in New York in time for fans to bet on tonight’s Monday Night Football matchup between the Jets and the 49ers, and may not be available in the state for the next several weeks.
A spokesperson for the New York State Gaming Commission today revealed to Sports Betting Dime that PENN Interactive’s application to acquire WSI US, LLC, dba Wynn Interactive, has yet to be considered by the commission and likely will not be evaluated until its Monday, Sept. 23 commission meeting at the earliest.
PENN Interactive’s ESPN BET platform cannot launch in New York until the commission approves its Wynn Interactive acquisition deal, which includes the highly prized sports betting license.
ESPN BET Likely Not Until Late September
A PENN Entertainment spokesperson issued the following statement on the potential New York launch to Sports Betting Dime:
“PENN Entertainment is continuing to work closely with the New York State Gaming Commission to facilitate our anticipated launch of ESPN BET in New York, subject to their final approvals.”
The news comes as a surprise for those waiting for ESPN BET to launch in the largest sports betting market in the country, as PENN Entertainment CEO Jay Snowden said during the company’s Q2 earnings report last month that the sports betting operator would be available in the Empire State by late August, prior to the start of the college football season.
The college football season is now two weeks old and the first week of the NFL season will conclude tonight.
PENN has long coveted access to the New York sports betting market, announcing a deal to acquire Wynn and its prized New York online sports betting license in February. PENN Entertainment announced a deal for WSI US, LLC, from Wynn Interactive Holdings for $25 million. WSI US, LLC, is the entity that hold the company’s online sports betting licenses that were issued by the New York State Gaming Commission in 2021.
However, according to the state gaming commission spokesperson, the application has yet to even be considered.
“We believe the Item will be on the agenda for the next commission meeting, which is scheduled for Sept. 23, 2024,” the spokesperson told Sports Betting Dime.
The spokesperson did not provide additional information when asked if the commission could potentially meet earlier than Sept. 23 to approve the application, but was clear that ESPN BET may not launch in the state without commission approval.
PENN Entertainment was one of the initial applicants through its Barstool Sportsbook partnership when New York opened its licensing process in 2021 for its nine initial online sports betting licenses. PENN and its Barstool Sportsbook brand partnered with Fanatics Betting and Gaming and Kambi for a joint application. The three companies projected its bid could result in $1 billion in incremental tax revenue for the Empire State over a decade.
Ultimately, the New York State Gaming Commission did not accept the group’s bid.
Reduced Promos at Launch?
When ESPN BET does launch in the state, customers may not be presented with the type of generous promo offers customers in other launched states have found.
The high tax rate in New York, 51% of gross gaming revenue, will likely lead to reduced promos or bonuses for New York users when ESPN BET does launch.
Snowden said as much during the Q2 earnings report.
“We will maintain our disciplined approach to customer engagement when we launch ESPN BET in New York in late August,” Snowden revealed in a press release.
Rob covers all regulatory developments in online gambling. He specializes in US sports betting news along with casino regulation news as one of the most trusted sources in the country.
The highly anticipated launch of ESPN Bet in New York is expected to be delayed until late September, according to sources familiar with the situation. Originally slated to debut earlier this summer, the delay is reportedly due to regulatory hurdles and logistical challenges that have slowed down the process.
ESPN Bet, a partnership between sports media giant ESPN and sports betting operator Caesars Entertainment, aims to offer a comprehensive sports betting experience to fans in New York. The platform will provide users with a wide range of betting options, including live odds, in-game betting, and exclusive promotions.
The delay in the launch of ESPN Bet in New York comes at a time when the sports betting industry is experiencing rapid growth and expansion across the United States. With more states legalizing sports betting and increasing competition in the market, companies like ESPN and Caesars are looking to capitalize on the growing demand for online sports betting services.
Despite the setback, industry experts remain optimistic about the potential success of ESPN Bet in New York once it finally launches. The partnership between ESPN and Caesars brings together two powerhouse brands with extensive experience in sports media and gambling, which could give them a competitive edge in the crowded sports betting market.
In the meantime, sports fans in New York will have to wait a little longer before they can place their bets on their favorite teams and events through ESPN Bet. However, once the platform does go live, it is expected to offer a top-notch sports betting experience that will appeal to both casual bettors and seasoned gamblers alike. Stay tuned for more updates on the launch of ESPN Bet in New York as the situation continues to develop.
