ESPN BET Launches in North Carolina

Rhea-AI Summary

ESPN BET, the official sportsbook of ESPN, has launched in North Carolina, offering a state-of-the-art mobile and web betting platform with a variety of sports markets. Operated by PENN Entertainment (PENN), the platform features exclusive promotions, daily odds boosts, and integrations with ESPN content and personalities. The launch event in Charlotte will feature ESPN's Stephen A. Smith, celebrating the partnership's first new state launch. PENN secured market access through a partnership with Quail Hollow Club, and ESPN BET is the exclusive betting operator of the Wells Fargo Championship.

Insights

Market Research Analyst

The entry of ESPN BET into North Carolina represents a strategic expansion in the sports betting industry, which is experiencing rapid growth across the United States. The partnership between PENN Entertainment and ESPN leverages the latter's strong brand presence and loyal sports fan base, potentially increasing user acquisition rates for the new platform. The integration of betting services with ESPN's content and personalities could create a seamless user experience, encouraging higher engagement and retention rates.

Moreover, the exclusivity as the official betting operator for the Wells Fargo Championship could attract golf enthusiasts to the platform, tapping into a niche market segment. This move may have a positive effect on PENN's revenue streams and diversify its customer base. However, the long-term success of the platform will depend on user satisfaction, the competitiveness of odds and promotions and the effectiveness of responsible gaming measures in fostering a sustainable gaming environment.

Financial Analyst

The launch of ESPN BET in North Carolina by PENN Entertainment has the potential to impact the company's financial performance positively. As the 18th state to offer ESPN BET, North Carolina's market opening could contribute to an increase in the company's overall market share and customer base. The timing of the launch is strategic, coinciding with the popular March college basketball season, which could lead to a surge in user engagement and betting volumes.

Investors should monitor the uptake of the platform in the new market and the subsequent financial reports to gauge the impact on PENN's revenue and earnings. A successful launch, coupled with effective marketing and customer acquisition strategies, could result in upward trends in the stock's performance. However, investors should also consider the competitive landscape and regulatory risks inherent in the sports betting industry.

Legal Expert

The legalization of sports betting in North Carolina and the subsequent launch of ESPN BET underscores the continuing trend of states adopting gambling to generate tax revenue and stimulate economic activity. The regulatory environment plays a crucial role in the operations of sports betting platforms, with compliance being a significant factor in maintaining their licenses and reputation.

PENN's partnership with Quail Hollow Club for market access and the commendation from the North Carolina State Lottery Commission highlight the importance of strategic relationships and regulatory approval in expanding operations. It will be vital for PENN to navigate the legal landscape effectively, ensuring adherence to state gambling regulations and promoting responsible gaming to maintain its license and public trust.

WYOMISSING, Pa.--(BUSINESS WIRE)-- ESPN BET, the official sportsbook of ESPN, launched today in North Carolina as the state’s legal sports betting market opened. Fans in the state now have access to the state-of-the-art mobile and web betting platform, which offers a variety of markets across sports and leagues from around the world, including straight bets, cross-sport parlays, props, and in-game wagering, along with daily odds boosts, custom offers, exclusive promotions and integrations with ESPN content and personalities. ESPN BET, operated by PENN Entertainment (“PENN”) (Nasdaq: PENN), is now live in 18 states.

To celebrate, ESPN BET is hosting a launch party for fans 21+ at Rally in Charlotte on Friday, March 15, featuring ESPN’s Stephen A. Smith. The event will begin at 5:30 p.m., and will include complimentary refreshments, music, activities, prizes, and plenty of screens to follow all the March college basketball action.

“We’re thrilled to bring ESPN BET to North Carolina, which marks the first new state launch under our ESPN partnership,” said Jay Snowden, CEO and President of PENN Entertainment. “Together, we’re excited to engage with sports fans across the state and deliver an exceptional sports wagering experience. We commend the North Carolina State Lottery Commission and all of the stakeholders involved in establishing this new legal sports betting market.”

"Launching ESPN BET for North Carolina fans is a pivotal moment," said Mike Morrison, Vice President of ESPN BET and ESPN Fantasy. "This marks a significant stride forward, building on the momentum from our inaugural launch in November. Now, fans have the chance to align themselves with a sportsbook backed by the trusted ESPN brand, offering an unparalleled experience in the world of sports betting."

PENN secured market access in North Carolina through a partnership with Quail Hollow Club, a private golf club in Charlotte that has hosted some of the game’s greatest players and events. Additionally, ESPN BET is the exclusive official betting operator of the Wells Fargo Championship, a PGA TOUR Signature Event that will be held at Quail Hollow Club in May.

PENN and ESPN are committed to providing a safe environment for all customers to enjoy gaming responsibly. ESPN BET offers comprehensive Responsible Gaming tools and resources, including limits on time, deposits, and wagering amounts. To learn more, visit espnbet.com/rg.

Must be 21+ to wager. If you or someone you know has a gambling problem and wants help, call 1-800-GAMBLER. In North Carolina, call 877-718-5543 or visit morethanagame.nc.gov.

About PENN Entertainment
PENN Entertainment, Inc., together with its subsidiaries (“PENN,” the “Company,” “we,” “our,” or “us”), is North America’s leading provider of integrated entertainment, sports content, and casino gaming experiences. PENN operates 43 properties in 20 states, online sports betting in 19 jurisdictions and iCasino in five jurisdictions, under a portfolio of well-recognized brands including Hollywood Casino®, L’Auberge®, ESPN BET™ and theScore Bet Sportsbook and Casino®. In August 2023, PENN entered into a transformative, exclusive long-term strategic alliance with ESPN, Inc. and ESPN Enterprises, Inc. (together, “ESPN”) relating to online sports betting within the United States. PENN’s ability to leverage the leading sports media brands in the United States (ESPN) and Canada (theScore) is central to our highly differentiated strategy to expand our footprint and efficiently grow our customer ecosystem. The Company’s focus on organic cross-sell opportunities is reinforced by our market-leading retail casinos, sports media assets, and technology, including a proprietary state-of-the-art, fully integrated digital sports and iCasino betting platform and an in-house iCasino content studio. PENN’s portfolio is further bolstered by our industry-leading PENN Play™ customer loyalty program, which offers our over 29 million members a unique set of rewards and experiences across business channels.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240311667983/en/

For more information:

Dan Sabreen

Vice President, Communications

PENN Entertainment

dan.sabreen@pennentertainment.com

Source: PENN Entertainment, Inc.

FAQ

What is the name of the official sportsbook of ESPN that has launched in North Carolina?

ESPN BET has launched in North Carolina as the state's legal sports betting market opened.

Who is the operator of ESPN BET in North Carolina?

PENN Entertainment (PENN) operates ESPN BET in North Carolina.

How many states is ESPN BET currently live in?

ESPN BET is now live in 18 states.

What kind of markets does ESPN BET offer in North Carolina?

ESPN BET offers a variety of markets across sports and leagues from around the world, including straight bets, cross-sport parlays, props, and in-game wagering.

What special features does ESPN BET offer in North Carolina?

ESPN BET offers daily odds boosts, custom offers, exclusive promotions, and integrations with ESPN content and personalities.