- PENN Entertainment and ESPN’s sportsbook, ESPN BET, is now live
- The sportsbook is live across 17 states
- PENN and ESPN agreed to a partnership this past August
One of the most highly anticipated online sportsbooks is now live.
ESPN BET launched today at 3 p.m. across 17 states, just three months after PENN Entertainment and ESPN agreed to a 10-year sports betting partnership. PENN Entertainment’s Barstool Sportsbook has been completely rebranded to the new ESPN BET.
Users will have to download the new sportsbook app, but all account information will be automatically transferred and no re-registration will be required.
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Hoping for Massive Market Share
When the partnership was announced, PENN Entertainment CEO Jay Snowden said the goal is for the new sports betting app to have a 20% share of the sports betting market by 2027. If a 20% market share is obtained, it would put ESPN BET firmly among the top sports betting operators in the country.
Described as a “significant value creation,” PENN estimates it could see an annual adjusted EBITDA of $1 billion by 2027 if it captures 20% of the online sports betting market share in North America through its partnership with ESPN.
PENN secured the exclusive rights in August to the ESPN BET trademark for online sports betting in the U.S. for an initial 10-year term which may be extended for an additional 10 years upon mutual agreement. PENN Entertainment agreed to pay $1.5 billion to ESPN over the initial 10-year term and grant ESPN approximately $500 million of warrants to purchase 31.8 million PENN common shares.
If ESPN BET meets a certain U.S. online sports betting market share, ESPN could receive bonus warrants to purchase an additional 6.4 million in PENN shares.
ESPN BET is now live in the following states:
- Arizona
- Colorado
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maryland
- Massachusetts
- Michigan
- New Jersey
- Ohio
- Pennsylvania
- Tennessee
- Virginia
- West Virginia
Crossover Opportunities Are ‘Tremendous’
ESPN BET will provide “seamless integration” for ESPN BET users from ESPN content to its sportsbook, Snowden said during a launch preview last week.
Similarly to how PENN Entertainment connects users from theScore media app to theScore Bet sportsbook app, ESPN BET users will be able to put together bet slips while reading content in their ESPN media app, Snowden said. Nearly 73% of bets made in theScore Bet sportsbook app originated from theScore media app, Snowden said.
The opportunities for crossover content is “tremendous,” Snowden said. For instance, in the future ESPN Fantasy users could receive custom-tailored player prop bet opportunities consisting of players they have on their fantasy rosters.
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