- The New York State Gaming Commission will consider PENN Entertainment’s acquisition of Wynn Interactive today
- If approved, ESPN BET will likely be able to launch in the Empire State soon
- PENN had hoped ESPN BET would launch in late August
Is today the day ESPN BET will get the green light to move ahead in New York?
The New York State Gaming Commission today will consider PENN Interactive’s application to acquire WSI US, LLC, dba Wynn Interactive, during its September commission meeting. PENN Interactive announced its plans to acquire Wynn Interactive in February and launch ESPN BET into one of the largest sports betting markets in the world.
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.
When Will ESPN BET Launch in NY?
If PENN Interactive receives approval today from the commission, which is the likeliest scenario, when will the sports betting operator be able to launch in New York? It’s been a disappointment so far for New Yorkers hoping to play with ESPN BET as the launch has been delayed from its estimated start date.
PENN Entertainment CEO Jay Snowden said during the company’s Q2 earnings report that the sports betting operator would be available in the Empire State by late August, prior to the start of the college football season.
However, three weeks into the NFL season and ESPN BET is still on the sidelines in the Empire State. If the acquisition receives approval today, then the operator still has to go through the regulatory process of receiving approval to launch. It will not be an instantaneous process.
PENN announced 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.
While every circumstance is different, it took Fanatics Betting and Gaming several months to launch in New York after the gaming commission approved the transfer of PointsBet’s online sports betting license to the company.
The gaming commission approved the transfer in October 2023 and Fanatics Sportsbook did not launch in the state for another four months until late February 2024.
It’s unlikely ESPN BET’s launch takes as long, but it may not be as quick as many hope.
PENN Long Coveted New York Market
PENN has attempted to enter the New York market before during its initial sports betting partnership with Barstool Sports.
PENN Entertainment was an 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.
As the sports betting industry continues to grow and evolve, many are wondering if ESPN BET will be approved in New York in the near future. ESPN, a well-known sports media company, has been looking to expand its reach into the world of sports betting with the launch of ESPN BET.
Currently, New York has not yet approved ESPN BET for operation in the state. However, there have been discussions and debates surrounding the potential approval of online sports betting in New York, which could open the door for ESPN BET to enter the market.
One of the main reasons why ESPN BET is generating so much interest is due to the company’s strong brand recognition and reputation in the sports industry. With a large and loyal fan base, ESPN has the potential to attract a significant number of users to its sports betting platform.
Additionally, ESPN has the resources and expertise to create a high-quality sports betting experience for its users. The company already has a strong presence in the sports media world, with access to a wide range of sports content and experts that could enhance the betting experience for users.
However, there are still hurdles that ESPN BET would need to overcome in order to receive approval in New York. The state has strict regulations and licensing requirements for online sports betting operators, which ESPN would need to meet in order to operate legally in the state.
Overall, while there is no guarantee that ESPN BET will receive approval in New York in the near future, the company’s strong brand and resources make it a strong contender in the competitive sports betting market. It will be interesting to see how things unfold in the coming months as New York continues to explore online sports betting options.
