WYOMISSING, PA — PENN Entertainment, Inc. (Nasdaq: PENN) has recently declared its plan to acquire the New York mobile sports wagering licenses from Wynn Interactive Holdings. The deal, which is subject to regulatory approvals, will provide PENN with market access to the jurisdiction and allow for the launch of its online sports wagering product, ESPN BET, in New York in 2024.
The transaction involves PENN acquiring WSI US, LLC, from Wynn Interactive Holdings for $25 million. WSI US, LLC is the holder of mobile sports wagering licenses which were granted by the New York State Gaming Commission in 2021. Wynn Interactive is a subsidiary of the globally renowned Wynn Resorts, Limited.
Jay Snowden, PENN Entertainment CEO and President, underscored the significance of this development, stating, “This is an important development that will bring ESPN BET to the largest regulated online sports wagering market in North America.” He added that PENN’s partnership with ESPN will aid in building a brand that is synonymous with sports betting.
The move to establish a foothold in the New York market is a strategic one, as it is seen as a crucial step in expanding ESPN BET across the U.S. As the landscape of online sports betting continues to evolve, this acquisition positions PENN Entertainment at the forefront of the industry, allowing it to tap into the lucrative, fast-growing New York market.
For industry watchers, this acquisition signals an aggressive growth strategy from PENN Entertainment and highlights the company’s commitment to expanding its footprint in the burgeoning online sports betting market. The move also highlights the value of mobile sports wagering licenses, particularly in highly populated and regulated markets like New York.
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