August brought exciting news to the sports and entertainment industry. ESPN and PENN have signed a deal to launch a collaborative sports betting platform, ESPN BET, by the end of this year. Both platforms hold recognition in the sports industry, with ESPN being the leading sports channel across the U.S. and PENN as the pioneer of sports betting.
What does this collaboration mean? How does it change the scope of sports betting? We will dive into the details of this contract to give you all the information you need.
ESPN BET: A New Era of Sports Betting
ESPN announced the news of an agreement with PENN Entertainment in August to establish a joint platform for sports betting. ESPN BET, a branded sportsbook for fans across the U.S., will operate across 16 states where sports betting is legal.
PENN Entertainment already holds the license in these states for sportsbook activities. The new platform will offer various features to fans, including special bonuses, competitive odds, and a diverse sports line-up.
While the details are yet to be clarified, ESPN BET will be a major step in the sports betting industry, providing fans with a completely legal and reliable sports betting platform. It is worth noting that PENN Entertainment currently has an ongoing partnership with Barstool, which will come to an end before the launch of the new platform in mid-November.
How Will ESPN BET Benefit PENN?
PENN Entertainment has an exclusive market across the country for online sports betting. By joining forces with ESPN, the most popular sports channel in the United States, PENN is likely to gain significant profits. In fact, the day after the news of the agreement between the two platforms broke, PENN’s stocks jumped by 14%. This sudden rise hints at the potential interest among investors, contributing to the success of ESPN BET.
Although ESPN already holds a large market share based on its massive popularity, the new contract will also favor it, with more sports bettors tuning in to the platform’s services. The PENN CEO Jay Snowden highlighted that the companies did not join forces for a 4-5% market share; their goals are much bigger, with the target locked at becoming one-fifth of the entire market share in the country.
Competition With Other Bookmakers
While ESPN BET aims to be one of the biggest shareholders in the entire U.S. market, rising over other bookmakers can be a huge challenge. The U.S. sports betting industry has been operational for years, with many renowned bookmakers in the country. To build solid competition and rise above the established market, ESPN BET must offer more benefits and perks to bettors than their competition.
Since most platforms have already geared up to build loyal betting markets, the choice of USPs will be a crucial step in the new platform’s success.
Expected Features
Currently, there is no official word about the features and perks of ESPN BET. However, the sheer confidence of PENN Entertainment and ESPN predicts an exciting launch with tons of attractions for fans.
According to the launch story published on ESPN Press Room, the channel will use the new platform to educate sports fans on responsible gaming, with high standards of journalistic integrity (regarding sports betting), a committee to manage responsible gaming with active compliance, reasonable marketing policies, and working with industry experts for the best practices.
With lucrative bonuses, attractive odds, and several other perks, ESPN BET is set to fly high above its competitors in the coming years.
ESPN BET Launch Status
According to the reports, ESPN BET is set to launch before Thanksgiving this year. The significance of this launch timeline is to allow players to join the platform for sports betting before NFL matches scheduled for Thanksgiving. Reportedly, there are three NFL games expected during this timeline. Tens of millions of Americans are expected to watch these games while indulging in the betting action.
Both companies will most likely continue marketing and advertising in the meantime to ensure a highly encouraging response at the launch date. While the agreement is finalized and the sentiments of both companies have surfaced, most of the details are still in the speculation phase.
The ESPN-PENN partnership for ESPN BET is a major breakthrough in the sports and entertainment industry of the United States. We have no doubt that this collaboration will be epic, so make sure to check in for the latest updates online to be a part of the wildest sports betting action.
Disclaimer
As per the Public Gambling Act of 1867, all Indian states, except Goa, Daman and Sikkim, prohibit gambling.
Land-based casinos are legalized, with certain guidelines, in Goa and Daman, as per the Goa, Daman and Diu Public Gambling Act 1976.
Land-based casinos, Online gambling and E-gaming (games of chance) are legalized in Sikkim under the Sikkim Online Gaming (Regulation) Rules 2009.
Only some Indian states have legalized online/regular lotteries as per and subject to the conditions laid down by state laws. Kindly refer to the same here:
Horse racing and betting on horse racing, including online betting, is permitted only in a licensed premise in select states. Kindly refer to the 1996 Judgement by the Supreme Court Of India here and for more information.
This article does not endorse or express the views of Qrius and/or any of its staff.
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