From CNBC:

Wynn Resorts has agreed to let Penn Entertainment, the operator of ESPN Bet, into the New York sports betting market by paying Wynn $25 million for access. Although Penn missed out on the initial license, it still has a significant opportunity in the nation’s largest sports betting market.

At least $35.7 billion has been wagered in New York since online sports betting launched, with it consistently having a higher betting handle than any other state.

Penn sold Barstool Sportsbook back to founder Dave Portnoy for $1 after losing a licensing bid, and made a $1.5 billion deal to license ESPN.

Since its launch in November, ESPN Bet has seen its market share grow significantly, potentially becoming a significant competitor in the national sports betting market. Analysts also believe that the platform could benefit from Taylor Swift’s relationship with a NFL player, potentially drawing in more viewers for ESPN Bet.

Pending approval from New York gaming regulators, ESPN Bet could become a formidable competitor in the nation’s biggest sports betting market.



Read more: ESPN Bet plans launch in New York, the largest U.S. betting market