The highly anticipated launch of sports betting app officially launched in 17 states. a554k
The new app is available in these states:
- Arizona
- Colorado
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maryland
- Massachusetts
- Michigan
- New Jersey
- Ohio
- Pennsylvania
- Tennessee
- Virginia
- West Virginia
Created through a partnership between ESPN and PENN Entertainment, ESPN BET takes Barstool Sportsbook out of the U.S. mobile wagering market and replaces it with a sportsbook backed by a sports media giant. Barstool Sportsbook customers had their information migrated over to the ESPN BET platform.
“We’re extremely proud to introduce ESPN BET and look forward to delivering an exceptional customer experience to fans across the U.S.,” PENN Entertainment CEO Jay Snowden said in a statement. “Today’s launch is the culmination of months of hard work across both teams and we could not be more excited to roll out ESPN BET in partnership with ESPN. PENN’s operational excellence paired with ESPN’s unmatched brand and reach is a powerful combination that will drive this compelling new sportsbook.”
The launch of the sportsbook takes place about a week before a major Monday Night Football showdown between the Kansas City Chiefs and Philadelphia Eagles. It’s unclear exactly how ESPN BET will be integrated into live TV broadcasts, but it’s expected the app will be mentioned during the Super Bowl rematch.
Competing with industry giants 552j17
ESPN BET’s arrival comes after PENN Entertainment’s partnership with Barstool Sports failed to make a major mobile sports betting impact, as the Barstool Sportsbook fell short of PENN’s aspirations. PENN spent $551 million over several years to acquire Barstool Sports before ultimately selling it back to Dave Portnoy for $1.
With ESPN, PENN partners with one of the most well-known sports media companies in the world. While Barstool Sports has a loyal audience of primarily young men, ESPN’s audience is much larger and the brand doesn’t carry with it the baggage associated with Barstool Sports. There’s hope from PENN and ESPN that potential ESPN integrations with the new betting app lead to noteworthy customer acquisition.
PENN believes its new partnership can compete with shooting for 20% market share by 2027.
Under PENN’s exclusive deal with ESPN, the gaming operator will pay ESPN $1.5 billion in cash payments over a 10-year period. If PENN does not attain certain market-share targets, the deal can be terminated after three years.
ESPN BET s become the top U.S. sportsbook.
Snowden shared on his company’s third-quarter earnings call that the immediate launch, and subsequent customer acquisition period, would be vital to ESPN BET’s success. Tuesday’s launch signals the start of a new era for PENN, and it hopes to capitalize quickly on ESPN’s reach.
“You get one chance to make a first impression,” Snowden said.
