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Penn Entertainment Inc., parent company of ESPN Bet, has announced they will be acquiring the New York State sports betting license of Wynn Bet. which announced last month it will be exiting the space entirely.
Regulatory approval will be necessary but Penn anticipates it will be able to offer ESPN Bet to those in New York this year.
New York is the largest sports betting market in the US but also among the strictest. The state has cracked down on bonus offer language and does not permit wagering on in-state schools or games that feature them.
Penn Entertainment was initially shut out of obtaining a license in New York in 2021. The company will obtain Wynn Bet's New York state for $25 million.
"This is an important development that will bring ESPN BET to the largest regulated online sports wagering market in North America," said Jay Snowden, PENN Entertainment CEO and President. "Together with ESPN, we’re building a brand that is synonymous with sports betting, and operating in the New York market is key as we grow ESPN BET across the U.S."
Multiple searches for ESPN Bet suspending customer accounts seems to be the norm on a near daily basis, according to Gambling911.com internal data and Twitter searches.
- Gilbert Horowitz, Gambling911.com
