The highly anticipated launch of ESPN BET arrived Tuesday afternoon around 3:45 p.m. ET, when the new sports betting app officially launched in 17 states.
The new app is available in these states:
Arizona
Colorado
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maryland
Massachusetts
Michigan
New Jersey
Ohio
Pennsylvania
Tennessee
Virginia
West Virginia
Created through a partnership between ESPN and PENN Entertainment, ESPN BET takes Barstool Sportsbook out of the U.S. mobile wagering market and replaces it with a sportsbook backed by a sports media giant. Barstool Sportsbook customers had their account information migrated over to the ESPN BET platform.
The launch of the sportsbook takes place about a week before a major Monday Night Football showdown between the Kansas City Chiefs and Philadelphia Eagles. It’s unclear exactly how ESPN BET will be integrated into live TV broadcasts, but it’s expected the app will be mentioned during the Super Bowl rematch.
Competing with industry giants
ESPN BET’s arrival comes after PENN Entertainment’s partnership with Barstool Sports failed to make a major mobile sports betting impact, as the Barstool Sportsbook fell short of PENN’s aspirations. PENN spent $551 million over several years to acquire Barstool Sports before ultimately selling it back to Dave Portnoy for $1.
With ESPN, PENN partners with one of the most well-known sports media companies in the world. While Barstool Sports has a loyal audience of primarily young men, ESPN’s audience is much larger and the brand doesn’t carry with it the baggage associated with Barstool Sports. There’s hope from PENN and ESPN that potential ESPN integrations with the new betting app lead to noteworthy customer acquisition.
PENN believes its new partnership can compete with DraftKings and FanDuel, which combine to account for more than 70% of the U.S. mobile sports betting market. PENN is shooting for 20% market share by 2027.
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Under PENN’s exclusive deal with ESPN, the gaming operator will pay ESPN $1.5 billion in cash payments over a 10-year period. If PENN does not attain certain market-share targets, the deal can be terminated after three years.
ESPN BET joins Fanatics Sportsbook, which is operational in five states, as new mobile sports betting entrants with substantial brand recognition. As for ESPN BET’s chances of long-term success, its outlook differs depending on whom you ask. A poll of media members suggests Fanatics Sportsbook is better positioned than ESPN BET, while one leading venture capitalist expects ESPN BET to become the top U.S. sportsbook.
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PENN Entertainment CEO Jay Snowden shared on his company’s third-quarter earnings call that the immediate launch, and subsequent customer acquisition period, would be vital to ESPN BET’s success. Tuesday’s launch signals the start of a new era for PENN, and it hopes to capitalize quickly on ESPN’s reach.
“You get one chance to make a first impression,” Snowden said.
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Author: John Sommers
John Sommers is a distinguished figure in the world of gambling expertise, known for his deep knowledge and insightful analysis of the gaming industry. As a seasoned author, he has contributed extensively to the reputable gambling news site, TwinCasinos, focusing on providing valuable insights to English-speaking gamblers worldwide. With a career spanning over a decade, John has honed his expertise in various aspects of gambling, from strategic gameplay to industry trends and regulatory developments. His articles are revered for their blend of comprehensive research, astute observations, and a knack for demystifying complex concepts for both novice and seasoned players. Beyond his writing prowess, John has established himself as a trusted authority, often sought after for his expert commentary on the ever-evolving landscape of the casino and betting industry. His passion for responsible gambling and commitment to ensuring players make informed choices are evident in his work, making him a beacon of integrity in an industry that demands such values. Whether you’re a casual gambler or a dedicated enthusiast, John Sommers’ contributions to TwinCasinos promise to be an invaluable resource for navigating the dynamic world of gambling.
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