Former FanDuel VP Charged With Revitalizing ESPN Bet
Recruiting industry talent has been a priority for Penn recently, and former FanDuel senior vice president Billy Turchin is the latest example after being named chief product officer. Billy Turchin will oversee Penn’s three interactive brands, Bookmakers Review has reported.
Those brands include ESPN Bet as well as two lesser known brands: TheScore and Hollywood Casino.
On the hot seat is one Jay Snowden, current CEO of ESPN Bet.
That company's stock price has crashed from $130 in March 2021 to where it now stands at $14.34.
From BookMakerReview (BMR):
Penn CEO Jay Snowden has come under fire for his company’s sluggish progress since entering the mobile gaming market. Penn Entertainment has traditionally been an operator of land-based casinos, but that experience has not translated into success in the digital arena.
Snowden stated that if ESPN Bet fails to achieve success, he is ready to cut his losses and implement the exit strategy outlined in the 2026 deal. ESPN Bet has control of less than 3% of the national sports betting market, a far cry from the 20% that was expected when ESPN Bet was formed.
Back in August, research firm Eilers & Krejcik Gaming LLC determined that ESPN Bet had a 2.8% share of the U.S. online sports betting market, putting it in sixth place, compared to FanDuel and DraftKings who combined "have almost 74%.
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