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The most recent data from the New York State Gaming Commission indicates that ESPN Bet, the recently opened sportsbook from PENN Entertainment, had a cautious debut in the state. After opening for business on October 6, the sportsbook brought in $1.1 million in gross gaming revenue (GGR) and handled $9.1 million in its first full week of business. On September 27, ESPN Bet made its debut in the New York market.
Across its first ten days in New York, ESPN Bet accepted $12.1 million in sports wagers and earned $1.3 million in gross revenue. For the week ending October 6, it ranked seventh in total handle, trailing established competitors like FanDuel, DraftKings, and Caesars. Despite the fierce competition, ESPN Bet performed better than smaller platforms such as Bally Bet and Resorts World. In terms of revenue, it placed sixth, just ahead of BetRivers, which reported $1 million in GGR for the same period.
While these figures may not be groundbreaking, PENN Entertainment sees New York as a critical market for growth. With 10 million ESPN app users in the state, PENN aims to leverage cross-promotion between ESPN Bet and the ESPN app. The company is working on app integration to capture a larger share of this audience and drive engagement with the sports betting platform.
WynnBET left the state of New York in July, and ESPN Bet took its place. Notably, ESPN Bet has a good start as evidenced by its $9.1 million handle in its first full week, which surpassed any monthly performance WynnBET has accomplished this year. During an investor event, PENN Entertainment officials revealed that since its launch, ESPN Bet had drawn 1.8 million customers, increasing the company’s client base by 85%.
Furthermore, PENN updated its Q3 2024 financial estimate for ESPN Bet, predicting lower losses than previously projected. Better-than-anticipated hold rates, which were enhanced by a greater emphasis on parlays and less promotional advertising, were the main drivers of this improvement.