ESPN Bet unlikely to launch in New York until late September
Brand unable to operate in Empire State until the group’s acquisition of Wynn Interactive’s license receives approval from the regulator
ESPN Bet is unlikely to make its bow in the New York online sports betting market until at least September 23 as a regulatory holdup meant the brand missed out on the start of the NFL season.
PENN Entertainment will be unable to launch in the Empire State until it obtains a highly prized sports betting license for New York.
In February, PENN paid $25m to acquire Wynn Interactive’s online sports betting license from Wynn Resorts subsidiary WSI US.
However, PENN’s application to acquire Wynn Interactive has yet to be considered by the New York State Gaming Commission, with an evaluation of the proposal unlikely to be made until the commission holds its next meeting later in the month.
A statement from the Gaming Commission read: “We believe the item will be on the agenda for the next Commission meeting, which is scheduled for September 23, 2024.”
Confirming the news to EGR North America, a PENN spokesperson said: “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.”
PENN Entertainment CEO, Jay Snowden, had previously said the operator expected to launch in New York by late August, prior to the college football season.
Those comments came following PENN’s Q2 earnings report last month, as Snowden talked up the further meshing together of ESPN Bet and the ESPN media brand.
Before announcing its $25m deal to acquire Wynn’s license, PENN was one of the first applicants for a New York sports betting license when the state began the process of regulating the vertical in 2021.
However, the regulator did not select the operator, then known as PENN National Gaming, as one of the initial licensees.
Those were FanDuel, DraftKings, BetMGM, Bally’s, Rush Street Interactive, Caesars, PointsBet, and WynnBet.
PointsBet has since been replaced by Fanatics Betting and Gaming after the merchandise giant acquired the US-facing arm from its Australian parent company in $225m deal in April.
In other New York news, the Empire State’s existing operators reported combined online sports betting revenue of $125m in August, marking a 12-month low.