Penn Entertainment to acquire N.Y. mobile sports wagering licenses from Wynn Interactive

Jay Snowden (Courtesy of Penn Entertainment Inc.)

WYOMISSING — PENN Entertainment Inc. has reached an agreement with Wynn Interactive Holdings to acquire its New York mobile sports wagering licenses. The transaction is valued at $25 million.

In its Tuesday announcement, the Wyomissing-based Penn Entertainment said the agreement will provide the company with market access in New York. Pending regulatory approvals, Penn plans to launch its online sports wagering product, ESPN BET, in New York in 2024, the company said in the announcement.

“This is an important development that will bring ESPN BET to the largest regulated online sports wagering market in North America,” Jay Snowden, Penn Entertainment CEO and president, said in a statement. “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 U.S.”

As part of the transaction, Penn is acquiring WSI US LLC, from Wynn Interactive Holdings. WSI US LLC is the entity that holds the mobile sports wagering licenses that were previously issued by the New York State Gaming Commission in 2021. Wynn Interactive is a subsidiary of Wynn Resorts Limited.

In August 2023, Penn Entertainment Inc. announced an agreement with ESPN Inc. to secure the rights to the ESPN BET trademark for online sports betting in the U.S. for an initial 10-year term. In November, the company successfully launched ESPN BET in the states where the company offers online betting.