Penn Entertainment Tuesday announced an agreement to acquire Wynn Interactive Holdings’s mobile-sports and wagering licenses in New York for $25 million.
The acquisition gives Penn Entertainment market access in the nation’s largest regulated sports-betting market, and follows the operator’s exclusive online sports betting agreement with ESPN and ESPN Enterprises to launch ESPN Bet in August 2023.
As part of the agreement, Penn will acquire WSI US, the entity that holds the mobile-sports-wagering licenses previously issued by the New York State Gaming Commission in 2021. Wynn Interactive is a subsidiary of Wynn Resorts.
“This is an important development that will bring ESPN BET to the largest regulated online sports wagering market in North America,” said Jay Snowden, PENN Entertainment CEO and president in a statement. “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 in the U.S.”
Penn Entertainment is scheduled to report its 2023 fourth-quarter results during a Feb. 15 conference call.
