ESPN Bet’s ‘Blueprint’ For Success Has An Unexpected Origin Story

PENN Entertainment and ESPN are seeking to gain a significant foothold in the highly competitive U.S. sports betting market, which is currently dominated by the duopoly of FanDuel-DraftKings.

Looking to their Canadian operation, PENN Entertainment has made impressive strides that could serve as a blueprint for ESPN Bet’s strategy.

Utilizing content from the sports media outlet theScore, which they acquired in a $2 billion deal in 2021, PENN Entertainment accomplished record-breaking gross and net gaming revenue in Ontario. This has helped the company secure the No. 2 market share position in the province.

What sets theScore apart is that 73% of its total betting handle comes from its media app, a model that PENN Entertainment aims to replicate with ESPN Bet.

According to Jay Snowden, CEO of PENN Entertainment, the deep integration between sports media and sports betting is a unique approach that they believe will be successful. He emphasized that their partnership with ESPN will strive for the same level of seamless integration.

Different Dynamics, Same Strategy

While the operational dynamics differ between theScore and ESPN, PENN Entertainment is confident that their strategy remains consistent across both partnerships. They are aiming for a market share of up to 20% for ESPN Bet, a significant increase from their prior partnership with Barstool Sports.

Ultimately, they are focused on creating a seamless and trustworthy betting experience for sports enthusiasts, leveraging the credibility and reach of ESPN as the No. 1 sports media brand in the world.