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PENN Entertainment to buy mobile sports wagering licenses
Paula Wolf//February 20, 2024//
Wyomissing-based PENN Entertainment Inc. announced last week that it has reached an agreement with Wynn Interactive Holdings to acquire Wynn’s New York mobile sports wagering licenses, providing PENN with market access to the jurisdiction.
PENN will launch its online sports wagering product, ESPN BET, in New York in 2024, pending regulatory approvals.
As part of the transaction, PENN is acquiring WSI US LLC from Los Vegas-based Wynn Interactive Holdings for $25 million. WSI US LLC is the entity that holds the mobile sports wagering licenses issued by the New York State Gaming Commission in 2021. Wynn Interactive is a subsidiary of Wynn Resorts Limited.
“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 release. “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.”
PENN Entertainment Inc., together with its subsidiaries, describes itself as North America’s leading provider of integrated entertainment, sports content and casino gaming experiences. PENN operates 43 properties in 20 states, online sports betting in 18 jurisdictions and iCasino in five jurisdictions, under a portfolio of brands including Hollywood Casino, L’Auberge, ESPN BET and theScore Bet Sportsbook and Casino.
Paula Wolf is a freelance writer.
