ESPN Bet made a strong debut in New York, receiving $9.1 million in bets in its full first week of operation. The PENN-owned sportsbook earned $1.1 million in gross gaming revenue, making it one of the top generators in the state already.
The New York State Gaming Commission released ESPN's first-week numbers in its latest report, confirming a modest start for the company. The week rounded up on Oct. 6th and marks the sportsbook's 10th day of operation in the state since its launch. Within this period, it received $12.1 million from New Yorkers and claimed $1.3 million in gross revenue.
ESPN's $9.1 million first-week handle makes it the seventh-highest hot spot in the Empire State. Expectedly, FanDuel, DraftKings, and BetMGM took the first three spots, while Caesars, Fanatics, and Rush Street followed behind. ESPN marginally fell short of Rush Street, with the latter receiving $9.4 million in wagers. It also outpaces New York’s two least attractive veteran destinations, Bally Bet and Resorts World.
The PENN-owned sportsbook was a spot higher in revenue generation, narrowly edging BetRivers’ $1.0 million to take 6th place.
While ESPN’s $9.1 million handle may not be massive, PENN executives love the numbers. The sportsbook replaced WynnBet in the state and has now received more gaming money in a week than its predecessor did in any month of 2024. Currently, the ESPN media app has approximately 10 million New York users, and the number will continue to grow when PENN finalizes ongoing strategic integrations.
An Investor event held at M Resort and Casino, Henderson, NV, confirmed that PENN Executives loved ESPN Bet's performance in New York and the US market. Since last year, the sportsbook has attracted over 1.8 million users, contributing an 85% increase in PENN's customer base. Year over year, the joint-venture brand’s GGR is up 151%, and monthly unique users have risen 161%.
Just before the New York first week numbers became public, PENN emphasized that ESPN Bet had enjoyed a better start in the state compared to others. The statement is credible, as the sportsbook’s first three days of operation in New York saw its daily handle per bettor exceed its national average by 296%. Additionally, New Yorkers deposited twice the number of other states on average.
PENN is now positive that ESPN Bet will lose less than it predicted in Q3 2024, courtesy of a “better-than-expected hold, driven by a higher parlay mix from our improving product and lower promotional expenses.”