PENN Entertainment has agreed to pay Wynn Interactive Holdings $25 million to acquire its New York mobile sports wagering licenses, currently operating under WynnBet.
The deal gives PENN entry into the online sports betting market in New York State. Pending regulatory approvals, PENN will launch its online sports wagering product, ESPN BET, in New York sometime in 2024.
As part of the transaction, PENN is acquiring WSI US, LLC, from Wynn Interactive Holdings for $25 million. WSI US, LLC is the entity that holds the mobile sports wagering licenses that were previously issued by the New York State Gaming Commission in 2021. Wynn Interactive is a subsidiary of Wynn Resorts, Limited.
Wynn has struggled in NY State with Draftkings, FanDuel, Caesars and MGMBet leading the market. Wynn reported just $96,383,077 in total gaming handle since April 2023 and gross gaming revenue of just $3,199,363.
“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.”
ESPN BET was formed in August 2023 with PENN signing a 10 year, $2 billion deal with ESPN to use its name for its sportsbook app, previously known as Barstool Sportsbook.
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