Penn Entertainment, which operates the ESPN Bet sports betting platform, is set to launch in New York after paying Wynn Resorts $25 million for market access. The move comes despite challenges, with ESPN Bet reporting significant losses and Penn's stock declining.
Penn lost a staggering $334 million with all the costs surrounding the ESPN Bet launch. ⬇️ https://t.co/HCGIdYP243
Penn Entertainment stock takes hit after ESPN Bet launch loses $334 million https://t.co/2hUnK6twAR https://t.co/Yxr7qila6i
Penn Earnings: Stock Tumbles On Larger Than Expected ESPN Bet Loss @ByMatthewWaters https://t.co/B3f49GOo80
Penn Entertainment Stock Is Dropping. The Costs for ESPN BET Might Be Why. https://t.co/47uuUjygr3
Penn’s interactive gambling unit lost $333.8 million in the fourth quarter because of costs associated with the launch of its new ESPN Bet sports-wagering product https://t.co/ep6aDBYRNR
Penn's Q4 revenue of $1.39B, was -10% of expectations, which it attributed to online sports betting. ESPN Bet reported -$334M EBITDA, ~62% short of previous guidance. It had 771k monthly actives in Q4 vs. the 190k-270k Barstool had in Q1-Q3. $PENN is down 10% this morning.
Penn Entertainment has paid $25 million to acquire the New York sports betting license previously held by Wynn Resort—and will use that license to bring ESPN Bet into the industry’s largest individual U.S. market. It’s set to debut in New York later this year.
ESPNBets, loses. $PENN down 8%. Enormous digitals costs but weak revenue. Huh. Remember when $DIS did a $2b deal to create ESPNBets and get rid of Barstool. That worked out well for Dave. Seriously. *hat tip https://t.co/p4hRBwbHlc
ICYMI Tuesday: Penn Gaming acquired @WynnBET's New York sports betting license. Which means, pending NY Gaming Commission approval, @ESPNBet is coming to New York. From @AlTruda73 for @sports_handle: https://t.co/fmkr267qg7
NEWS: ESPN Bet is going live in New York in 2024 per Penn Entertainment. Penn secured access to the lucrative New York sports betting market through a $25 million transaction with Wynn Resorts. https://t.co/3n5mgHKPao
The bottom line is that $PENN simply cannot spend what it’s spending on the ESPN deal and not be in New York. This business is largely about volume and scale. Not entirely, but largely. https://t.co/bJfyRQaJ59
ESPN Bet plans launch in New York, the largest U.S. betting market $PENN https://t.co/tHGKcBJStU
$PENN CEO in 2021: "I don’t think a single operator will make money in New York." $PENN CEO today: "Operating in the New York market is key as we grow ESPN Bet across the U.S." More on today's news with @Dylan_Manfre11 👇. https://t.co/RW3widtFdL
ESPN Bet is planning to launch in New York Penn Entertainment $PENN which operates the ESPN Bet $DIS sports betting platform, said earlier today it will pay Wynn Resorts $WYNN $25 million for access to the New York market - CNBC