- The New York State Gaming Commission unanimously approved PENN Interactive’s acquisition of Wynn Interactive
- A PENN Interactive representative said ESPN BET will be ready to launch in a few days
- A soft launch may occur in the Empire State ahead of the weekend
ESPN BET is ready to go in New York.
The New York State Gaming Commission today unanimously approved PENN Interactive’s acquisition of Wynn Interactive, which includes a a sports betting license in the state.
Chris Rogers, PENN Entertainment executive vice president, chief strategy and legal officer and secretary, mentioned during the commission hearing that ESPN BET will be ready to start taking bets in New York within a few days, including a potential soft-launch occurring before the weekend.
Ready in New York By the Weekend?
PENN Interactive announced its plans to acquire Wynn Interactive in February and had hoped to launch ESPN BET in New York by the end of August. PENN Entertainment CEO Jay Snowden said during the company’s Q2 earnings report that ESPN BET would likely launch in the Empire State prior to the college and NFL season.
However, news came about several weeks ago that the state gaming commission had yet to even consider PENN’s acquisition plan.
Despite the delay, ESPN BET is now poised to launch in the state sometime this week. A PENN Entertainment spokesperson confirmed to Sports Betting Dime that the operator will be ready to go in a few days.
“We’re grateful to the New York State Gaming Commission for its approval and we’re in the process of readying our product for launch in New York in the coming days,” the spokesperson said.
Rogers said as much during today’s hearing, nothing that the operator may even be ready with a soft-launch for customers prior to the weekend.
Limited Questions from Commission
New York State Gaming Commission Executive Director Robert Williams presented the acquisition details to the commission and noted that the staff recommended the proposal be approved by the state regulators.
ESPN BET will likely provide a boost to the state online sports betting market, Williams said, as it takes over for WynnBET, which struggled to find a foothold in the New York market.
“Wynn had not been particularly successful in the New York market, so we anticipate a new platform coming in with a highly recognized name like ESPN BET might do better than they have,” he said.
When pressed by the commission as to any potential plans to target underage gamblers or take advantage of sponsorship opportunities on college campuses, Rogers assured the regulators that PENN Entertainment would adhere to all state regulations regarding advertising and sponsorships.
The company will not advertise on college campuses, target college students, or promote ESPN BET on college campuses.
But What of the Promos?
When ESPN BET does launch in the state this week, customers may not find themselves being offered the generous types of promos that users 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. During his Q2 earnings presentation, Snowden said promos would likely not be as high in the state when the operator launches.
“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.
ESPN, the popular sports network, is reportedly planning to soft launch its new sports betting platform, ESPN BET, in New York in the coming days. This move comes as the sports betting industry continues to grow rapidly in the United States, with more states legalizing and regulating sports betting.
ESPN BET is expected to offer a wide range of betting options on various sports events, including football, basketball, baseball, and more. The platform will likely feature live betting options, as well as traditional pre-game betting. Users will be able to place bets on individual games, as well as futures bets on championship winners and other outcomes.
The soft launch in New York is seen as a strategic move by ESPN to test the platform and gather feedback from users before a full launch. New York is a key market for sports betting, with a large population of sports fans and potential bettors. If successful, ESPN BET could potentially expand to other states where sports betting is legal.
It is important to note that sports betting can be addictive and should be done responsibly. ESPN BET will likely have measures in place to promote responsible gambling, such as setting deposit limits and offering resources for those who may have a gambling problem.
Overall, the potential soft launch of ESPN BET in New York is an exciting development for sports fans and bettors alike. With the popularity of sports betting on the rise, ESPN’s entry into the market is sure to shake things up and provide a new and exciting way for fans to engage with their favorite sports.
