ESPN Bet to Debut in NY with $ 25M Betting License from Wynn Resorts

Penn Entertainment has clinched the deal to buy the New York state mobile sports betting license from Wynn Resorts for $25 million.

The new sportsbook brand, ESPN Bet, will launch in New York as soon as it gets the green light from the regulators, joining the nine other online betting operators in the state.

“This is an important development that will bring ESPN BET to the largest regulated online sports wagering market in North America. Together with ESPN, we’re building a brand that is synonymous with sports betting, and operating in the New York market is key as we grow ESPN BET across the US”, said Penn CEO and president Jay Snowden.

New York has been a tough nut to crack for operators, as the state slaps a 51% tax on operators, the highest in the country, even though it breaks records for total betting volume.

Wynn Resorts also pulled out of the Massachusetts market in January.