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PENN Leisure has introduced that ESPN Wager will launch in 17 states on November 14. [Image: Shutterstock.com]
Particular timeline
ESPN is the newest huge title to enter the US sports activities betting scene and its upcoming on-line sportsbook has been extremely anticipated. PENN Leisure, which can function the providing, introduced on Thursday via its third-quarter earnings report that the brand new platform will formally launch on November 14 in 17 states. This simultaneous launch will go forward so long as there aren’t any last-minute regulatory hitches.
A few of the most notable markets during which ESPN Wager will launch embody Arizona, Massachusetts, Illinois, New Jersey, Pennsylvania, and Ohio. One of many huge states that gained’t be getting ESPN Wager any time quickly is New York, as PENN by no means sought a license within the Empire State because of the hefty 50% tax charge.
launch will happen the week earlier than Thanksgiving
The widespread launch will happen the week earlier than Thanksgiving, which is a time when plenty of huge video games are happening throughout each the school {and professional} sports activities scenes within the US. One of many high-profile matchups round that point would be the NFL recreation on November 21 between the Philadelphia Eagles and the Kansas Metropolis Chiefs, a rematch of Tremendous Bowl LVII.
Leveraging the ESPN title
The expertise powering ESPN Wager would be the identical that the PENN-owned theScore Wager makes use of in Ontario. A few of the options of the brand new sportsbook will embody same-game parlays, micro-markets, and prop betting.
The Disney-owned media behemoth ESPN shall be serving to to drive consideration to the launch via a wide range of integrations for its 200 million-plus fanbase throughout various mediums. It will embody a brand new promoting marketing campaign that includes SportsCenter anchors Elle Duncan and Scott Van Pelt. Additional campaigns are within the works for the approaching months in an try to draw as many purchasers as attainable.
will see ESPN get $1.5bn in money over the course of a decade
PENN Leisure has a licensing settlement with ESPN that replaces the previous’s earlier sportsbook providing via the Barstool model. This new deal will see ESPN get $1.5bn in money over the course of a decade and the choice to buy an fairness stake in PENN. PENN does have the choice to exit the deal after years three and 7 if it fails to seize a sure stage of market share.
A aggressive market
The US sports activities betting sector is already extremely aggressive, with quite a few operators already departing the market or merging with different manufacturers over the previous few years. The excessive buyer acquisition prices imply that solely a handful of massive operators dominate the market. FanDuel at the moment is the chief within the area, adopted carefully by DraftKings, with BetMGM a distant third place.
ESPN already has been integrating odds into its broadcasts and has a lot of betting-related reveals at the moment operating.
Whereas it solely managed about 5% of the market when it had its Barstool-branded sportsbooks, PENN Leisure CEO Jay Snowden hopes that ESPN Wager will be capable of seize as much as 20% market share by 2027.
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