PENN Entertainment Ready for ESPN Bet NY Launch Within Weeks

The New York sports betting market has been eagerly anticipating the arrival of its newest member, ESPN Bet by PENN Entertainment. 

Sometime in August, company executives spoke about the end of the month as a probable launch date in the Empire State. 

However, things didn’t go as planned as the online sportsbook is still not available online.

“We’re Ready to Go”

According to a fresh Newsday report, the company with “the largest and most diverse gaming footprint in North America” counting 43 casinos and racetracks spread across 20 states and showing a “robust online gaming and sports betting presence and exciting sports media”, expects ESPN Bet to go live “sometime in the next few weeks.”

The online sportsbook’s executive vice president, Mark Walker, told Newsday they were “ready to go,” and that the only thing they were missing was New York’s official “go” signal. 

As explained by Walker, it was “reasonable to believe” that ESPN Bet will become available to NY bettors sometime in September. 

The executive vice president also stated that he did not come across any red flags or reasons to interrupt or delay the scheduled launch as programmed. 

The online sportsbook will replace WynnBet Sportsbook. The latter shut down its shop at the end of July.

PENN’s decision to acquire the operator’s mobile sports betting license for $25 million earlier in the year is now allowing it to enter NY in a market ruled over by irrefutable leaders FanDuel and DraftKings. 

According to the company, New York is a “key new market” for the service because of its “size and influence”.

Nonetheless, despite the duo reaching a combined 74% of all handle since the launch of the industry and close to 80% of all revenue, PENN is still convinced of ESPN Bet‘s potential to be a serious competitor.

Walker told Newsday that their research has shown “there’s a place for ESPN in sports betting” with young New Yorkers insisting on it. 

The August Launch Fell Through 

During the company’s latest earnings call, PENN’s chief technology officer, Aaron LaBerge, expressed hope that the sportsbook would see the light of day “in late August.” 

PENN chief executive officer Jay Snowden also emphasized the same timeline, even mentioning ESPN Bet should go live in New York “before college football week one.”

However, the first four college football games known as “Week 0” have already kicked off, and the last weekend of August saw the remainder of the National Collegiate Athletic Association enter the regular season. 

The National Football League will also start its regular season on September 5.

It remains to be seen how fast will the new sportsbook go live for New Yorkers eager to wager on their favorite leagues. 

According to a Truist Securities analyst in August, Penn Entertainment’s adoption of ESPN Bet and the moribund performance of the state-of-the-art brand has led to a 26% year-to-date stock tumble.