Amid a potential sale for PENN Entertainment, ESPN’s Jimmy Pitaro is focused on making up ground in the sports betting industry.
“To say we’re in the first inning of ESPN Bet would be a significant understatement,” Jimmy Pitaro recently told thefrom Business Insider, ESPN BET has seized about 4% of the U.S. market share. The big-branded newcomer to sports betting is more comparable to and competitive with BetMGM, Fanatics, Caesars, and bet365 than the industry’s two top dogs.
“The industry has a tendency of looking at market share, and we have a significant path ahead of us in terms of FanDuel and DraftKings," Pitaro said. “They have a huge head start. They’re the leaders. Just like every day I used to wake up and try to beat my competitor, every day we wake up and we have a target, which is the next in line in terms of market share.
The company’s struggles have Boyd Gaming eyeing an acquisition. Representatives have reached out to PENN, but one obstacle preventing a future sale is ESPN's 10-year agreement with Disney, which just started last year. PENN has hopes for a turnaround. Earlier this year, the gaming company hired Aaron LaBerge away from Disney to be PENN’s new Chief Technology Officer. More recently, investment banking firm Truist Securities suggested ESPN BET issometime in 2024, though the sportsbook will have to contend with the state's 51% tax rate on sports betting operators’ revenue.
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