ESPN BET will go live in New York before the start of the college football season on August 24. Penn Entertainment CEO Jay Snowden revealed the imminent launch date in a Q2 earnings.
And that wasn’t the only revelation he made about New York’s soon-to-be newest sportsbook. So what can sports bettors in the Empire State expect when ESPN BET starts taking NY wagers later this month?
ESPN BET has been live in other parts of the US for some time so we already have a good idea of what’s coming to New York. The sports betting app and website that bears the name of the majority-owned Disney broadcaster launched in the states where Penn Entertainment already held gaming licenses in November 2023.
With ESPN branding prominent on its sportsbook product, the Penn-powered platforms have continued the overall themes of usability, responsiveness and simplicity that made its former iteration BarStool so popular with many bettors.
ESPN BET is more than just a sportsbook though. With the ESPN tagline trumpeting its goal as “To Serve Sports Fans. Anytime. Anywhere”, that ethos demonstrates what being partnered with one of the world’s biggest broadcasters adds to Penn’s offering.
It’s a theme that Jay Snowden emphasized in his appearance at the earnings call. Snowden said the goal is to enable users to move “fluidly” between ESPN properties. Penn Entertainment is banking on deeper integrations with its partner as the key competitive driver for ESPN BET.
Snowden was joined on the call by Penn exec, Aaron LeBerge, who further talked up what’s to come in the sportsbook’s revamp ahead of the football season and launch in New York: LeBerge said integration with the wider ESPN network “creates a frictionless ecosystem for fans.”. The Penn chief technology officer further expanded to say:
“No matter what platform you bet on today, you’re then on ESPN tracking your bet. Being able to place a bet on ESPN BET then seamlessly package together how you track that bet will be a huge competitive advantage for us.”
ESPN BET’s wait for entry into New York’s capped sports betting space has been lengthy. The door finally opened in February with the acquisition of one of the nine available licenses, limited by New York gambling legislation, when it confirmed a deal to buy out WynnBET’s permit.
The rollout of ESPN BET into the Empire State has been hailed as a milestone by Penn Entertainment chiefs. The addition of New York to its portfolio coupled with its tie-in with ESPN gives the betting company huge access to sports fans and bettors.
When ESPN BET launches in New York, the biggest sports betting state in the nation, it will have access to 50% of the US population. Penn will also have a ready-established connection with millions of sports fans in New York with its link to ESPN multi-channel broadcasts and content.
The push for such an integrated platform approach is a growing one for sports betting and casino operators. The instant availability of a significant database of sports fans will be a key leverage for ESPN BET. That includes a huge number of ESPN fantasy players and sports content consumers.
In that regard, ESPN BET holds advantages not dissimilar to those of existing sportsbooks in New York. FanDuel and DraftKings built their betting brands on the back of fantasy sports legacies to become the two biggest sportsbooks in the US. Likewise, Fanatics Sportsbook entered New York with a sizable repository of customers to target in extending interaction with its brand into betting activity.
Others who did not have the history of sports already embedded into the ecosystems have sought other ways to extend their reach. For example, BetMGM is now integrated with X for promoting its betting markets and subscribers to the NBA’s League Pass streaming package can place in-play bets with league sponsors FanDuel and DraftKings via the broadcast channel.
The final points to note from Penn Entertainment’s earnings call are firstly that ESPN BET is unlikely to go for a big bang promo-laden debut in New York. Secondly, it will feature revamped functionality and parlay features in a bid to stand out ESPN BET from competitors in an already crowded marketplace.
Snowden stated that ESPN BET’s apps will target those product enhancements and closed-loop aligned platforms instead of heavy promotional spending. That approach has been baked into future financials not least because the group remains far from profitability. Penn Interactive posted an adjusted EBITDA loss of $102.8 million in Q2.
As for parlays, users will be able to track their bets in the ESPN media apps and improved placing and tracking with a “carousel” multi-leg wager-building feature. What that will look like in use will only become clear once ESPN goes live in New York. There’s not long to wait now.
As ESPN BET prepares to make its debut in New York, it’s clear that the platform is positioning itself to become a major player in the state’s crowded sports betting market. With the strength of ESPN’s brand and Penn Entertainment’s strategic integrations, ESPN BET has the potential to compete with the top sportsbooks in New York, such as FanDuel and DraftKings.
While the platform's long-term success will depend on its ability to innovate and meet the evolving needs of bettors, ESPN BET is certainly poised to make a significant impact in the Empire State's betting landscape. The coming months will be crucial as we see how well it performs against its established competitors.
