PENN Entertainment, Inc. has announced that it has agreed a deal with Wynn Interactive Holdings to take over its New York mobile sports betting license.
The news comes following WynnBet’s exit from the Massachusetts sports betting market and the company statement that it would exit the majority of states it currently operates an online sportsbook in. Earlier this year, the company had intimated that New York was one of the states it was considering its position in.
PENN’s deal to acquire Wynn’s New York license is subject to regulatory approvals, but if approved would give the company access to one of the most lucrative sports betting markets in the USA. According to PENN’s announcement, once approved, ESPN BET will launch in New York at some point in 2024.
The deal includes PENN’s acquisition of WSI US, LLC for $25 million. This is the business that currently holds any mobile sports wagering licenses that were issued by the New York State Gaming Commission in 2021.
Speaking of the deal Jay Snowden, PENN Entertainment CEO and President:
“This is an important development that will bring ESPN BET to the largest regulated online sports wagering market in North America. 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.”
PENN Joins Busy NY Market
PENN will join one of the fastest growing sports betting markets in the USA with recent revenue reports revealing that the state’s sportsbooks set yet another record in January.
According to the New York Gaming Commission, NY sports betting set a new revenue record in January by generating $211.5 million. This was a jump of 12.3% on the previous record of $188.3 million set in December 2023. It was also a 41.6% increase year-on-year.
January saw sports bettors wager $1.96 billion, a 9.5% increase year-on-year, but a drop of 3.9% from the previous month. This was also the end of a three month run during which New Yorkers wagered more than $2 billion on sports each month.
Sports Handle, Revenues & Taxes in New York
| Period | Total Handle | Mobile Handle | Sportsbook Revenue | Win % | State Taxes |
|---|---|---|---|---|---|
| Jan 2024 | $1,965,468,151 | $1,955,590,364 | $211,706,706 | 10.77% | $107,900,198 |
| Totals | $1,965,468,151 | $1,955,590,364 | $211,706,706 | 10.77% | $107,900,198 |
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.