Penn Will Launch ESPN Bet in New York

Today it was revealed that Penn Entertainment will buy Wynn Interactive's New York gaming licenses and will use those to launch its ESPN Bet in the Empire State.

The transaction will be for $25 million and will be subject to regulatory approvals, but would see Penn able to get into the United States' most profitable state for sportsbetting. ESPN Bet launched last year when Penn National Gaming took over the US-facing side of PointsBet's business. Thus far, it has launched in 17 states and is continuing to expand.

For Wynn, this is the latest exit of a market as the company wants to pull back from its online betting base. After the deal comes to fruition, only Michigan will be left for online sportsbetting for the company. Just yesterday the company announced that it was leaving Massachusetts.

Commenting on the deal, Penn Entertainment CEO Jay Snowden said, "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."

Casino Listings News will be following the site's launch and update readers as appropriate.