First up, let’s do some background. ESPN BET has launched, and many are wondering if Penn Entertainment has met its match in the world of sports betting. Penn Entertainment was initially seen as a pandemic success story, but its acquisition of Barstool Sports turned out to be less than successful. After completing a $500 million purchase, Penn sold Barstool back to Dave Portnoy for just one dollar. However, a new opportunity has arisen with the entry of Disney-owned ESPN. Following a $1.5 billion licensing partnership with Penn Entertainment, ESPN BET is set to reshape the sports betting landscape in the US.
The timing of ESPN BET’s debut on November 14 aligns perfectly with the busy sports calendar during Thanksgiving. This includes key events such as NCAA college football rivalry week and the Super Bowl rematch between the Kansas City Chiefs and the Philadelphia Eagles, which will be televised on ESPN’s Monday Night Football.
With an estimated audience of 200 million, ESPN is the largest sports media brand in the US. Its presence extends across multiple digital channels, including over 100 million unique monthly digital visitors, 370 million social media followers, and 25 million ESPN+ streaming service subscribers. ESPN also has a significant presence on TikTok, with over 40 million followers worldwide. The brand will launch in 17 states, covering every major US market except New York.
CEO and president Jay Snowden believes that ESPN BET is an opportunity to appeal to the masses. Despite not having the same market presence as competitors DraftKings and FanDuel, Penn Entertainment sees ESPN BET as a partnership with the best brand and platform to reach sports fans and potential bettors in the US.
Mike Morrison, ESPN’s vice-president for sports betting and fantasy, states that ESPN BET is a natural evolution for the sports broadcaster. They believe that referencing betting odds is an integral part of telling the story of a game, and that there is enough national attention and interest in sports betting. ESPN’s Edge Conference unveiled the launch of ESPN BET, highlighting its trust factor and the seamless integration between sports media and betting through the ESPN app.
Penn Entertainment’s success with theScore in Ontario serves as a promising test case for ESPN BET in the US. The potential for ESPN BET is immense, offering a level of sports engagement that has no competition. With a linked ESPN and ESPN BET account, users will have no reason to leave for another sports provider or sportsbook. The combination of ESPN’s massive sports audience and Penn Entertainment’s expertise in the betting industry sets ESPN BET apart from competitors like Fubo and Fox Bet. Only time will tell if the ESPN BET launch will live up to its potential.
