ESPN Bet is now fully available in New York after a successful soft launch on Thursday. The online sportsbook officially went live on Friday, giving people in New York access to the Penn Interactive-operated brand in the country’s biggest betting market. The New York State Gaming Commission approved Penn’s $25m acquisition of WynnBET’s New York license, allowing ESPN Bet to join eight other online operators in the Empire State. FanDuel and DraftKings dominate the sector, which saw a total handle of over $1.4bn in August. However, New York imposes a hefty 51% tax rate on sportsbook revenue, the highest in the country.
The launch of ESPN Bet in New York comes after a long process of approval and preparation. The company wasted no time in getting up and running before the weekend’s NFL action, eager to tap into the lucrative market. With the approval of the acquisition of WynnBET’s license, ESPN Bet can now compete with other established operators in the state.
The competition in the New York sports betting market is fierce, with FanDuel and DraftKings leading the way. Despite the high tax rate, operators are attracted to the large population and potential for significant revenue. The total handle of over $1.4bn in August demonstrates the interest and demand for sports betting in the state.
ESPN Bet’s entry into the New York market adds another player to the mix, offering customers another option for online sports betting. With the backing of Penn Interactive, ESPN Bet is well-positioned to compete with the established operators and carve out its share of the market. The company’s successful soft launch indicates a strong start and potential for growth in the competitive industry.
The approval of the acquisition of WynnBET’s license was a significant milestone for ESPN Bet, paving the way for its entry into the New York market. The company’s quick launch after the approval demonstrates its readiness to capitalize on the opportunity and attract customers in a highly competitive environment. The brand recognition of ESPN and the expertise of Penn Interactive give ESPN Bet a strong foundation to build on in the New York market.
The high tax rate in New York presents a challenge for operators, but the potential for revenue and the size of the market make it an attractive opportunity. ESPN Bet will need to navigate the regulatory environment and compete with established operators to gain market share and establish itself as a player in the New York sports betting market. The company’s focus on customer experience and innovation will be key to its success in a competitive and demanding market.
Overall, the launch of ESPN Bet in New York represents a significant milestone for the company and an exciting new option for sports bettors in the state. With its strong backing and commitment to providing a top-notch betting experience, ESPN Bet is poised to make a splash in the competitive New York market and carve out its place among the top online sportsbooks in the state.