ESPN BET’s Debut in New York: A Mixed Bag of Results
In the bustling world of online sports betting, ESPN BET has made its entry into the Empire State, generating a notable $9.1 million in online sports betting handle during its inaugural week of operation. Launched on September 27, the operator’s performance has sparked interest and conversation among sports betting enthusiasts and industry analysts alike. However, the results reveal a challenging landscape for the newcomer.
Initial Performance Metrics
During its first full week, which concluded on October 6, ESPN BET ranked seventh out of nine online sports betting operators in New York. The operator’s handle of $9,092,644 was a significant increase from its initial three days of operation, where it reported a much lower figure. Despite this growth, ESPN BET only outpaced Bally Bet and Resorts World, which reported handles of $2,203,068 and $1,648,214, respectively. This suggests that while ESPN BET has made strides, it still has a considerable distance to cover to catch up with the more established players in the market.
Gross Gaming Revenue Insights
One silver lining for ESPN BET is its gross gaming revenue (GGR) for the week, which stood at $1,149,940. This figure translates to a 12.7% hold, marking the highest weekly hold rate among all reported operators in New York. A higher hold rate indicates that the operator retained a larger percentage of the total wagers placed, which is a positive sign for its financial health moving forward. However, the overall revenue generated still pales in comparison to the leading sportsbooks in the state.
The Competitive Landscape
The competitive landscape in New York’s online sports betting market is fierce, with established operators like DraftKings and FanDuel dominating the scene. While ESPN BET has the backing of PENN Entertainment and the recognizable ESPN brand, it faces significant challenges in gaining traction. The New York State Gaming Commission has yet to release the weekly totals for FanDuel, but the other seven operators collectively reported over $312 million in sports betting handle and $33.5 million in gross gaming revenue for the same week. FanDuel’s numbers are expected to push the state closer to a staggering $500 million handle and $50 million in revenue.
Weekly Breakdown of Operators
To provide a clearer picture of where ESPN BET stands, here’s a breakdown of the handle and gross gaming revenue for the nine sportsbooks operating in New York (excluding FanDuel) for the week ending October 6:
Handle:
- DraftKings NY: $182,353,275
- Fanatics Sportsbook: $43,059,583
- Caesars Sportsbook NY: $32,238,497
- BetMGM NY: $32,184,027
- BetRivers: $9,354,794
- ESPN BET: $9,092,644
- Bally Bet: $2,203,068
- Resorts World: $1,648,214
Gross Gaming Revenue:
- DraftKings NY: $21,269,989
- BetMGM NY: $3,380,777
- Fanatics Sportsbook: $3,198,550
- Caesars Sportsbook NY: $3,008,589
- ESPN BET: $1,149,940
- BetRivers: $1,042,290
- Bally Bet: $251,240
- Resorts World: $192,635
Looking Ahead
As ESPN BET continues to navigate the competitive waters of New York’s online sports betting market, it will need to implement effective strategies to enhance its visibility and attract a larger customer base. The brand’s recognition and the backing of PENN Entertainment provide a solid foundation, but the operator must capitalize on its strengths to carve out a more significant share of the market. With the sports betting landscape constantly evolving, the coming weeks will be crucial for ESPN BET as it seeks to establish itself as a formidable player in New York.