ESPN Bet begins US market share push with highly anticipated launch

ESPN Bet, the sports betting brand powered by PENN Entertainment, has gone live in 17 US states following a three-month brand development and regulatory push.

The first-ever wager on ESPN Bet was placed at 15:40 ET, with the wager being a $5 bet at +175 on Chet Holmgren and Victor Wembanyama to combine for over 19.5 rebounds. 

ESPN Bet will be promoted across ESPN’s broadcast networks, across social media, and through extensive cross-selling between the two businesses. ESPN Bet also functions as the exclusive odds provider of ESPN, with ESPN personalities featuring in marketing.

Its initial slew of products includes single-game parlay betting, a so-called ‘six pack’ of featured bets and shareable betting slips.

On LinkedIn, PENN Entertainment said: “Major News! ESPN Bet is now live in 17 states. We’re thrilled to introduce our new online sportsbook to fans across the US.

“ESPN BET combines ESPN’s industry-leading brand and multiplatform reach with PENN Entertainment’s proprietary in-house technology and deep sportsbook operational expertise.

“Thank you to all of our team members who played a role in today’s launch.”

The November launch is understood to have been targeted by PENN as a way of taking advantage of the busy Thanksgiving sporting calendar, using it as a springboard to drive market share growth.

To guard against potential regulatory issues, PENN and ESPN have instituted broadbase policies to regulate the conduct of its journalists when it comes to the promotion of sports betting and promoting integrity.

This includes non-disclosure of public information for betting purposes, a bar on employees placing bets, being “extra cautious” about certain types of bets, upholding integrity and not participating in illegal gambling.

ESPN Bet was first announced in August as part of the $1.5bn 10-year licensing and marketing partnership between PENN Entertainment and ESPN, a Walt Disney Group subsidiary, and one of the largest sports broadcasters globally.

The ESPN network has a vast reach in the US market, with 117 million unique monthly website visitors, 72.5 million linear reach, 26 million ESPN+ subscribers and over 150 million social media followers. 

The brand replaces PENN’s prior Barstool Sportsbook brand identity, which was ditched by the firm following the deal, coming despite PENN investing more than $551m into the brand to acquire the business from founder Dave Portnoy.

PENN sold Barstool back to Portnoy for just $1 and confirmed a loss arising from the relationship of $923m in its Q3 2023 financial results.