, one of the most hotly anticipated sports betting apps, was introduced to the world tonight at the ESPN Edge conference in New York City.
Jay Snowden, President and CEO of PENN Entertainment, and Mike Morrison, ESPN Vice President of Sports Betting Fantasy, previewed the Tuesday, Nov. 14, launch of ESPN BET tonight at the sports media company s third annual conference.
Snowden ESPN BET s Nov. 14 launch during PENN Entertainment’s third quarter 2023 earnings report last week.
Something ESPN Has To Do
When it became clear that ESPN was looking to get into the sports betting market, Snowden said ESPN made it known that they wanted to align themselves with a company that had extensive experience operating sportsbooks, had access throughout the country, and had best in class products and technology.
Snowden met with ESPN Chairman Jimmy Pitaro earlier this year to discuss a potential deal. Pitaro said ESPN had made it a priority to keep sports bettors within its ESPN ecosystem instead of having to go to an outside sportsbook to place a bet.
When (customers) are ready to place a bet, they have to leave ESPN s ecosystem and go somewhere else to place a bet. It was clear to Jimmy (Pitaro, ESPN Chairman) that this isn t something that ESPN wants to do, it s something that ESPN has to do because sports fans are demanding it, Snowden said.
The partnership between PENN Entertainment and ESPN BET announced their partnership this past August, with PENN securing exclusive rights to the ESPN BET trademark for online sports betting in the U.S. for the next 10 years. PENN Entertainment agreed to pay $1.5 billion to ESPN over the initial 10-year term and grant ESPN approximately $500 million of warrants to purchase 31.8 million PENN common shares.
Snowden says there will be seamless integration between ESPN media content and ESPN BET for users.
Moving customers through the ESPN ecosystem for all their needs. ESPN and ESPN BET accounts can be linked for personalized experiences.
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Seamless Integration From Content to Sportsbook
ESPN BET will provide seamless integration for ESPN BET users from ESPN content to its sportsbook. Similarly to how PENN Entertainment connects users from theScore media app to theScore Bet sportsbook app, ESPN BET users will be able to put together bet slips while reading content in their ESPN media app, Snowden said.
Nearly 73% of bets made in theScore Bet sportsbook app originated from theScore media app, Snowden said.
What’s really different for us is this deep integration behind the number one sports media brand in the world and those sports fans who like to bet and want to bet, and the trust factor to do this seamlessly is something we take very seriously, Snowden said.
The opportunities for crossover content is tremendous, Snowden said. For instance, in the future ESPN Fantasy users could receive custom-tailored player prop bet opportunities consisting of players they have on their fantasy rosters. These features will be available alongside an for new customers to take advantage of.
What’s really different for us is this deep integration behind the number one sports media brand in the world and those sports fans who like to bet and want to bet, and the trust factor to do this seamlessly is something we take very seriously, Snowden said.
In the Space to Win
ESPN and PENN have a shared vision, Snowden said, and that s to be at the top of the market.
We re in this space to win. And when I say we, that s PENN and that s ESPN. Jimmy said it a bunch, that we don t launch ESPN branded products with partners. When we do anything with ESPN, we do it to be best in class. We share that. There s a tremendous amount of pride on both sides, Snowden noted.
No other major players in the sports betting market can offer the all-inclusive experience that PENN Entertainment and ESPN can offer with ESPN BET. Snowden said ESPN and Disney can offer users exclusive opportunities around big events, such as the Super Bowl or March Madness, that nobody else can.
Those are the differentiators. You think about the other major players in sports betting, and they really can t offer an all-inclusive experience, he said.
