The post ESPN BET Tops 1 Million Downloads In First Week, More Than Doubling Prior Record appeared first on SportsHandle.

Tempted by several leaks that teased last Tuesday’s launch of ESPN BET, invigorated bettors lined up just before 3 p.m. ET in the App Store to receive their first view of the new sports betting app.

Bettors had to wait approximately 40 minutes before PENN rolled out its ESPN-branded app around 3:40 p.m., several hours before the tip of Duke-Michigan State in college basketball. In a transformative week for the U.S. sports betting market, the minor hangup did not quell enthusiasm for the highly anticipated launch.

Over a six-day period through Nov. 20, ESPN BET was downloaded 1.1 million times, according to JMP Securities, which cited data from digital intelligence firm Sensor Tower. By comparison, FanDuel previously held the record for most app downloads over a single six-day period with 468,000. The sportsbook operator hit the milestone during the week of the 2022 Super Bowl, a year in which New York bettors were able to legally wager on the game for the first time.

Despite a heavy ad spend, it took FanDuel five weeks to attain the same download levels that ESPN BET accomplished last week. For two others, DraftKings and Caesars Sportsbook, it took six weeks and 14 weeks, respectively, to reach the threshold, JMP Securities analyst Jordan Bender wrote in a research note. Since ESPN BET achieved the feat in under a week, the figures may provide a harbinger of the app’s mainstream appeal.

Excelling in the App Store

Starting last Tuesday and continuing throughout the week, ESPN BET topped the charts on the App Store, a marketplace developed and maintained by Apple Inc. Last Wednesday alone, ESPN BET received approximately 180,000 downloads overall.

According to JMP, only two other days in the post-PASPA era ranked higher. DraftKings stands at the top of the heap for downloads on the day of last year’s Super Bowl, just ahead of download totals at FanDuel on Super Bowl Sunday in 2022.

At one point last week, app downloads at ESPN BET ranked first overall in the App Store for roughly 100 straight hours. ESPN BET consistently outranked Temu, a shopping app; Lapse, an app that mimics a disposable camera; ChatGPT; and even Google.

Hi @FOS there’s been a bit of a shake up and the acorn is out.. but we’re still here. I think it’s been 100 consecutive hours but not sure maybe you could confirm. https://t.co/NDhVxixYNW pic.twitter.com/DLdPKHJ1dX

— Mike Mags (@itsmikemags) November 19, 2023

Since ESPN and PENN Entertainment announced the formation of ESPN BET over the summer, the companies have pitched media cross-sell, fantasy integrations, and live steaming capabilities across the ESPN enterprise as ways to bolster engagement. While the app runs clean, Bender wrote, integrations with other aspects of ESPN’s business may still take some time. The network ran an ESPN BET commercial featuring SportsCenter anchor Elle Duncan during the Chiefs-Eagles matchup on Monday Night Football.

ESPN BET received approximately 70% of sports bettting app downloads across the nation last week. FanDuel, which ranked second with a download market share of 10%, was the only other operator to post a double-digit figure.

Representatives from the App Store and the Play Store by Google did not respond to requests from Sports Handle for comment.

‘A hefty pinch of salt’

While the download figures appear encouraging at first glance, some analysts expressed caution in being overly bullish with initial reactions. For one, customers who previously wagered on PENN’s previous sportsbook brand, Barstool Sportsbook, comprised a portion of last week’s downloads. The figures also do not address conversion rates between downloads and first-time deposits.

Ahead of last week’s launch, Sports Handle asked PENN a series of questions related to the company’s internal projections for the debut. PENN declined to comment on subjects such as first-time deposits, incentives for loyal customers, and conversion rates from fantasy sports, along with estimates on app downloads, citing corporate policy.

During the first wk of its launch, @ESPNBet received 1.1M downloads, accd to JMP Securities which tracked data from Sensor Tower. For context, FD ranked as the next highest over a 6-day period with 468K during the week of the 2022 SB. ESPN BET had a 70% download mkt share last wk pic.twitter.com/ZltonvwYx9

— Matt Rybaltowski (@MattRybaltowski) November 21, 2023

Analysts from Eilers & Krejcik Gaming’s The EKG Line mused that the downloads should be treated with a “hefty pinch of salt,” especially during a launch week. Keep in mind that ESPN BET launched in 17 states last week, a departure from most debuts, when operators launch on a state-by-state basis.

A better gauge for E&K will be the period over the next six to nine months, when the following bells and whistles may be added: early payouts, featured/trending bets, a parlay hub, and streaming capabilities.

Bender, meanwhile, is looking forward to the period directly before March Madness for stronger indications on ESPN BET’s long-term viability. By then, promotional intensity from the operator will likely recede following the initial buzz associated with the launch.

“We do not believe true market share and retention results will be evident until after the Super Bowl as the company pulls back on [spending],” Bender wrote.

The post ESPN BET Tops 1 Million Downloads In First Week, More Than Doubling Prior Record appeared first on SportsHandle.