ESPN Bet Readies to Launch Online in Washington, DC

PENN Entertainment and ESPN Bet have much to celebrate together, as the sportsbook will now be available in Washington, DC. The sportsbook has not yet launched, but it has become one of the six approved companies to offer their betting products locally.

PENN Pushes into Washington, DC with ESPN Bet Brand

To achieve this, PENN and ESPN have sought to thicken the ties with Monumental Sports & Entertainment (MSE), which owns several sports teams in Washington DC and surrounding areas, allowing the sportsbook to fulfil licensing prerequisites to seek entry.

ESPN Bet will be able to establish its presence rapidly, with the sportsbook becoming an official partner for the Washington Capitals, Washington Mystics, and Washington Wizards, ensuring that the brand is well-represented locally and seeks to drive betting volume to its own platforms.

The partnership also includes in-arena promotions and media integration, leading to better and stronger fan engagement.

Commenting on this new milestone, PENN Entertainment Chief Technology Officer Aaron LaBerge has welcomed the opportunity to see ESPN Bet push into a new market and further to that – engage with some of the country’s most passionate fans.

Washington, DC is just the latest of the moves that PENN Entertainment is exploring in order to increase its regional footprint. The company has faced serious headwinds in failing to secure a large share of the online betting market with ESPN Bet.

ESPN Bet has been hoping to claim around 20% of the online betting market, leveraging PENN’s existing infrastructure and ESPN’s unmistakable sports-focused brand.

PENN and ESPN Keen to Secure Larger Market Share

Yet, growth has been going slower than expected with the company reporting only 2.8% of the market in the United States as of the end of 2024.

However, PENN Entertainment is still confident that growth is yet to come. The company has rebranded a dozen sportsbooks just recently, changing their names to ESPN Bet. Speculation about the parent company has been swirling.

According to one analysis posted in August, PENN’s stock was undervalued. However, over the past six months, PENN has lost 0.25% of its stock value, and the company faced a difficult third quarter. PENN and ESPN have a $10-year deal through 2033, which will cost PENN $1.5 billion

PENN Entertainment and ESPN Bet continue to strategize their next steps in sports betting, aiming to achieve their initial goal of capturing 20% of the online betting market. A significant part of this strategy will focus on expanding into states where sports betting is still gaining traction, although, with 40-odd states that legalize sports gambling, newcomers are few and in between.

California and Texas could potentially allow ESPN Bet to move rapidly and secure an advantage, and Florida may yet liberalize its gambling market to allow commercial companies.