PENN Entertainment and ESPN BET face arguably the most important season of any U.S. sportsbook operator.
It seems no regulated sportsbook in American history faces a more critical fall football season than PENN Entertainment’s ESPN BET.
Instead of an eponymous brand, PENN spent several hundred million dollars on Barstool Sports to market its sportsbook. It doubled down with a more than $2 billion investment in theScore and its in-house tech platform. Growing pains were expected in the months after the switch. But the pain has been more than most would have expected.
ESPN BET will also launch in New York, the nation’s highest-grossing competitive sports betting market. Though the state’s 51% tax on net gaming revenue, in a market also dominated by DraftKings and FanDuel, makes profitability difficult, PENN officials believe this will give them another boost to the more than 10 million New Yorkers who regularly consume ESPN content.
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