Penn Entertainment’s mobile sports betting wing, ESPN BET, recently launched mobile sports betting in Washington DC, joining DraftKings, FanDuel, Caesars, Fanatics, and BetMGM in the rapidly expanding market.
Welcome to DC
The official sportsbook of ESPN, ESPN BET, has now brought its own brand of mobile sports betting to the District of Columbia. In addition to daily lines and odds on sporting events, ESPN BET also offers daily odds boosts, profit boosts, same-game parlays, and live betting markets, as well as exclusive promotions, and has integrated its platform with ESPN’s media sites.
Aaron LaBerge, Chief Technology Officer at Penn Entertainment, said, “We’re thrilled to launch ESPN BET in our nation’s capital and expand our presence across the Washington metropolitan area. Along with our partner ESPN, we’re excited to introduce our deeply integrated media and betting experience and further engage with the D.C. area’s passionate sports community.”
Market Access Made Possible by MS&E
Access to the DC market was made possible by a partnership with Monumental Sports & Entertainment, owner of local professional sports teams the Capitals, Wizards, and Mystics. As part of the deal, ESPN BET is granted in-arena and TV-visible signage, out-of-home advertising, and a commercial schedule across Monumental Sports Network.
Jim Van Stone, President of Business Operations and Chief Commercial Officer at Monumental Sports & Entertainment, commented, “We are thrilled to join forces with PENN Entertainment and align with ESPN BET, a leading brand across the sports and entertainment landscape. This partnership furthers our collective commitment to offering fans unique, cutting-edge experiences that reflect the future of sports entertainment, with ESPN BET’s innovative platform adding a new layer of engagement for our fans, both inside and outside the arena.”
“We are proud to partner with Monumental Sports and its teams to unite the energy of D.C. sports with our world-class platform,” said Aaron LaBerge, Chief Technology Officer, PENN Entertainment. “This deal expands our footprint in the region, further connecting ESPN BET with one of America’s most passionate sports communities. Our presence alongside the Capitals, Wizards, and Mystics positions ESPN BET at the center of the action where sports, technology, and fan experience converge.”
Expanding Footprint
Considering ESPN Bet did not exist until it was launched in November 2023, the 20 jurisdictions (including DC) in which it operates demonstrate an aggressive path to gaining market share. Unfortunately, Penn Entertainment’s 10-year, $1.5 billion agreement with ESPN to create ESPN BET has failed to gain much traction at 4% since its inception.
Industry leaders FanDuel and DraftKings dominate the mobile sports betting industry by controlling roughly 74% of the national market share. Penn Entertainment previously operated Barstool Sportsbook before it struck an agreement with the sports media giant.
As a requirement, ESPN demanded Penn dissolve Barstool Sportsbook and sell the media portion, Barstool Sports, before it would complete the deal. The Worldwide Leader in Sports did not want the controversial tarnish of the bro-oriented Barstool Sports integrated with any company using their name and intellectual property.
Penn complied and sold Barstool Sports back to the founder, David Portnoy, for $1 and the promise to receive 50% of the profits should he ever sell it. Portnoy was paid $550 million for his empire, and now that he has it back, he has vowed never to sell it.
