Published on: January 13, 2025, 01:44h.
Last updated on: January 13, 2025, 01:44h.
ESPN Bet is preparing to launch its mobile sports wagering operations in Washington, D.C. later this year.
ESPN Bet, which is a subsidiary of Penn Entertainment, revealed a strategic partnership with Monumental Sports & Entertainment today. Monumental, led by billionaire Ted Leonsis, holds various sports assets.
Pending regulatory approval, the agreement between Penn and Monumental will grant ESPN Bet the necessary market access to operate its online sportsbook in the capital. Under the deal, Penn and ESPN Bet will collaborate with Monumental to enhance the fan experience through an integrated marketing partnership across multiple channels.
Aaron LaBerge, Chief Technology Officer at Penn Entertainment, expressed excitement over the partnership, stating, “We are thrilled to join forces with Monumental Sports and their teams to combine the spirit of D.C. sports with our top-tier platform. This collaboration expands our presence in the region, further connecting ESPN Bet with one of the most enthusiastic sports communities in America.”
Monumental holds ownership of the NBA’s Washington Wizards, NHL’s Washington Capitals, and WNBA’s Washington Mystics. Additionally, Monumental manages the Monumental Sports Network, Capital One Arena in D.C., and EagleBank Arena at George Mason University.
Access in the Capital
ESPN Bet will establish a media presence at Capital One Arena, the home venue for the Capitals, Wizards, and Georgetown Hoyas men’s basketball team. Monumental owns this facility, which opened in 1997. The Mystics play their games at the city-owned Entertainment and Sports Arena in Congress Heights.
Monumental gained retail sports betting rights through D.C.’s expanded sports gambling legislation in 2019, which offered sports venues the chance to secure sportsbook licenses. Each license, tied to a sports stadium or arena, involves a one-time fee of $500K, with annual renewals costing $250K. Gross revenue is subject to a 10% tax.
Despite Monumental leveraging its online sportsbook rights with ESPN Bet, the deal does not encompass the sportsbook at Capital One Arena, as that license remains under Caesars Entertainment. The Caesars Sportsbook within the arena commenced operations in May 2021.
D.C. will become the 20th jurisdiction where ESPN Bet will be active, showcasing its continued expansion across the country.
Presence in D.C.
In August 2023, Penn Entertainment agreed to a $1.5 billion deal over 10 years with ESPN for using the sports media company’s brand in its sports betting operations. This collaboration unfolded after Penn sold Barstool Sports back to Dave Portnoy for $1, following a substantial investment in acquiring the company.
During the COVID-19 pandemic, ESPN inaugurated its television studio in D.C. for the program “SportsCenter with Scott Van Pelt.” The experienced sports journalist, who has roots in the capital metro area, requested to work from D.C. to be closer to family after many years of being based in Connecticut, where ESPN ‘s headquarters are located.
D.C.’s sports betting sector is evolving following the government’s decision to terminate Intralot’s GambetDC online monopoly, allowing brick-and-mortar sports venues to partner with online sportsbook operators. Although D.C.’s population of approximately 702K is smaller than some states, the city is a popular destination in the U.S.
In November, over $68.2 million in bets were placed through D.C.’s retail and mobile sportsbooks. FanDuel emerged as the dominant operator, managing $35.5 million of the total handle in November. FanDuel operates both an online platform and in-person betting at Audi Field, the home stadium of MLS team D.C. United.