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ESPN Bet Eyes Entrance into New York Market
Since its grand opening to the gaming world in January 2022, New York online sports betting has become one of the most significant and fastest-developing markets in the country.
Large brands in the industry have targeted the Empire State with enticing NY sportsbook promos and betting offers. While some have made it to the state, some are still undergoing legal measures and processes to operate in the state.
ESPN Bet is one of these large brands that is currently unable to operate within the state. While there has been plenty of speculation around the entry of ESPN Bet in New York, the facts dictate a clear path towards joining the roster of New York betting apps currently live in the state.
Penn Pushes for NY Betting License
Penn Entertainment is actively exploring opportunities to integrate its newly unveiled ESPN Bet mobile sports betting app into the regulated market of New York.
Various analysts disclosed this development after the 11th Annual Truist Securities GLLR Summit in Boston. This strategic move aligns with the company's earlier statements expressing interest in becoming a part of New York's thriving sports betting industry.
The state's mobile sports betting market, inaugurated in January 2022, stands as the largest legal sector in the United States.
Despite its prominence, New York's regulatory framework currently restricts the number of permitted operators to just nine, posing a potential challenge for Penn.
Compounding this limitation is the state's taxation model, imposing a substantial 51% tax rate on winnings. This high tax burden makes it more challenging for online sportsbooks, including Penn's ESPN Bet, to generate significant profits within the New York market.
Current New York Betting Market
Sports betting is completely legal in New York, offering the flexibility to place online bets from any location within the state or in person at the various state casinos.
Online sports betting platforms were introduced in January 2022, and as of now, the state boasts nine available sportsbook apps for bettors and sports enthusiasts.
Back in 2013, New York took the progressive step of legalizing sports betting at its commercial casinos. The initial in-person sportsbooks began operations in July 2019, over a year following the federal ban on sports betting being lifted.
Building on this momentum, lawmakers integrated online sports betting into the state budget bill in early 2021. This inclusion was endorsed by Governor Andrew Cuomo in April and officially became a legal option in the state nine months later.
Some of the largest brands in the US market, such as FanDuel, BetMGM and BetRivers are already operating in state territory. ESPN Bet is hoping to make its way next to these brands in the upcoming months.
ESPN Bet is Now Live in These States
The ESPN BET app entered the scene on November 14. The brand made sure to push for a significant reach within the first weeks of the launch. That is why ESPN Bet’s gaming app is now available in 17 states nationwide.
Here are the official states where ESPN Bet’s app is legal and functional:
- New Jersey
- West Virginia
Although large states such as California and Texas are still not open to legal sports betting, New York remains ESPN Bet’s main target for 2024. Expect to also see ESPN Bet among the list of NC betting apps when sports betting launches in North Carolina in 2024.