Still, a purchase could turn out to be difficult but not impossible. Another option for the company would be to wait for a current sportsbook to exit the market or buy one of the currently active licenses from one of those companies. Is it Possible?įor Penn Entertainment to legally launch its ESPN Bet in the Empire State, local lawmakers would have to pass an expansion of the number of allowed sportsbooks in the state.

In addition to that, the state’s model imposes a hefty 51% tax rate on winnings, making it harder for online sportsbooks to make profits. However, its number of permitted operators is currently limited to just nine, which could be an issue for Penn. Launched in January 2022, New York’s mobile sports betting market is the largest legal sector across the US. This corresponds to previous comments from the company on joining the Empire State’s industry. This was recently reported by Truist gaming analyst Barry Jonas after the recent 11th Annual Truist Securities GLLR Summit in Boston.

Penn Entertainment is looking for avenues to incorporate its newly launched ESPN Bet mobile sports betting app in New York’s regulated market.

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