Posted on: February 13, 2024, 10:09h.
Last updated on: February 13, 2024, 10:09h.
Penn Entertainment has secured its acquisition of the sports betting license held by WynnBet in New York. Keep reading to learn all about it.
Penn Entertainment has announced that it is paying Wynn Interactive Holdings $25 million to acquire its online sportsbook license in the Empire State. The acquisition is yet to be approved by the New York State Gaming Commission.
The acquisition of the license in New York is part of Penn’s strategic plan to grow ESPN Bet as a leading sports betting brand across the United States.
Penn Entertainment CEO and president Jay Snowden believes that the move to secure a license in New York is an important development in growing ESPN Bet’s presence in the regulated online sports wagering market.
Before the transaction can be completed, Penn Entertainment will need to pass a suitability review by the New York State Gaming Commission.
Penn’s ESPN Bet will be joining other leading sports betting operators in New York, including leaders like DraftKings, FanDuel, and BetMGM.
Wynn Resorts has announced that it will be shutting down its sports betting operations, which will have implications for its presence in New York, as well as in other states across the country.
Richest Sports Betting State
New York is known to be the richest state in terms of sports betting revenue, and it sees a huge amount of sports betting action on a monthly basis
ESPN Bet, the sportsbook that took over from Barstool Sports in 17 states, is looking to make a big impact in New York’s competitive sports betting market.