ESPN BET Platform Launches to Compete with DraftKings, FanDuel
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ESPN BET, the partnership between the sports media giant and Penn Entertainment has launched in 17 states.
Penn, whose CEO Jay Snowden believes that editorial associated with a sportsbook reduces the customer acquisition cost, latched on to ESPN at a cost of $1.5 billion over the next 10 years.
ESPN BET will be ESPN’s exclusive odds provider and ESPN.com will launch a new betting page, according to a recent presentation of the joint venture.
Mike Morrison, ESPN’s vice president of sports betting, told Action Network last month that editorial processes would not mix with the sportsbook's endeavors. In guidances published earlier this month, most employees were barred from wagering at all on the sports they work with.
Both companies have stated they would like to have 20% of the U.S. sports gambling market by 2027. As of now, Penn has no more than 5% of the online market in any state it is in and is set to start in fifth place behind DraftKings, FanDuel, BetMGM and Caesars, battling out that spot with Fanatics.
The sportsbook opened in the following states: Arizona, Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, New Jersey, Ohio, Pennsylvania, Tennessee, Virginia, and West Virginia.
When ESPN BET does come online in these states, we recommend checking out Action's ESPN BET promo code to get the latest welcome offer.