350% or 5BTC + 150 Spins!
New players only. Exclusive Welcome Bonus of 350% + 150 Free Spins
The purchase of Wynn Interactive Holding’s online sports betting license by Penn Entertainment has received unanimous approval from the New York State Gaming Commission (NYSGC). With WynnBet’s activities in New York coming to an end, Wynn made the option to sell its license.
Now that Penn Entertainment has secured a $25 million licensing agreement, ESPN Bet may be introduced in New York. This comes after Barstool Sportsbook underwent a rebranding in November 2023 and became ESPN Bet. In addition to enabling the transaction vote, the Commission’s September 23 meeting gave attendees a chance to voice concerns about sports betting’s effects on college campuses.
During the hearing, NYSGC members posed questions to Chris Rogers, Penn’s Executive VP and Chief Strategy and Legal Officer. Concerns were raised about how ESPN’s marketing strategies could influence college students. In response, Rogers emphasized, “We take it very seriously about not targeting college students in our marketing efforts, and there’s obviously discussions around betting on college sports as part of our editorial.”
In 2023, Penn completed its acquisition of the remaining 64% of Barstool Sports for nearly $388 million, following its original investment of $163 million in 2020. Currently, ESPN Bet operates in 17 states, including Arizona, Colorado, Indiana, Kansas, Michigan, and New Jersey. It expanded its footprint to North Carolina in March.
New York has a limit of nine digital wagering licenses available at any one time. At the start of 2024, all licenses were claimed. However, WynnBet’s exit from the digital betting market in July opened the door for Penn to secure this important license.