PENN Entertainment Announces Partnership with Monumental Sports & Entertainment for Market Access in Washington, D.C.

Rhea-AI Summary

PENN Entertainment has announced a strategic partnership with Monumental Sports & Entertainment (MSE) to secure online market access for ESPN BET in Washington D.C. Through this multi-channel agreement, ESPN BET becomes a sports betting partner of MSE's teams, including the Washington Capitals, Wizards, and Mystics.

The partnership includes prominent in-arena and media components, featuring custom broadcast integrations on Monumental Sports Network. The deal encompasses IP rights, in-arena and TV-visible signage, out-of-home advertising, and unique hospitality experiences. Both organizations have committed to responsible gaming practices, with ESPN BET offering comprehensive tools for responsible gaming.

ESPN BET, currently available in 19 states, combines ESPN's brand and reach with PENN Entertainment's proprietary technology and sportsbook expertise.

Positive

• Secured market access for ESPN BET in Washington D.C., expanding geographical footprint
• Strategic partnership with major sports franchises enhances brand visibility
• Multi-channel marketing integration across arena, broadcast, and digital platforms
• Access to valuable IP rights for multiple professional sports teams

Negative

• Regulatory approvals still pending for Washington D.C. market access
• Additional marketing and integration costs associated with partnership implementation

Insights

Market Research Analyst

The strategic partnership between PENN Entertainment and Monumental Sports & Entertainment represents a significant expansion move in the competitive sports betting market. The deal secures ESPN BET's entry into the Washington D.C. market while establishing partnerships with three major sports franchises. This multi-channel agreement amplifies ESPN BET's market presence in a key metropolitan area with a strong sports fan base.

The integration of broadcast features on Monumental Sports Network and in-arena presence creates multiple revenue-generating touchpoints. Market data suggests that the D.C. sports betting market, while smaller than neighboring states, presents a valuable opportunity due to its high-income demographic and concentrated urban population. The partnership's timing aligns with the growing mainstream acceptance of sports betting and increasing market maturity.

Tech Expert

The technological implications of this partnership extend beyond basic market access. ESPN BET's platform integration with MSE's existing digital infrastructure will create enhanced fan engagement opportunities through custom broadcast integrations and multi-channel marketing initiatives. The emphasis on responsible gaming tools, including deposit limits and time restrictions, demonstrates sophisticated player management capabilities that are important for regulatory compliance and sustainable operations.

For retail investors, the technology stack's scalability and PENN's proprietary in-house technology position the company favorably against competitors who rely on third-party solutions. This translates to better margins and more control over the user experience.

Legal Expert

The regulatory framework in Washington D.C. makes this deal particularly strategic. While subject to regulatory approvals, PENN's established compliance track record in 19 other states positions them well for authorization. The partnership's comprehensive responsible gaming initiatives align with regulatory requirements and industry best practices, potentially expediting the approval process.

The inclusion of IP rights for both ESPN BET and Hollywood Casino at Charles Town Races creates multiple revenue streams while maintaining regulatory compliance. For investors, this structured approach to market entry, combined with established partnerships with major sports franchises, reduces regulatory risk and strengthens PENN's competitive position in the region.

ESPN BET Becomes Proud Sports Betting Partner across entire Monumental enterprise, including the Washington Capitals, Washington Wizards, and Washington Mystics

WASHINGTON & WYOMISSING, Pa.--(BUSINESS WIRE)-- PENN Entertainment, Inc. (“PENN” or the “Company”) (Nasdaq: PENN) announced today that its wholly-owned subsidiary PENN Sports Interactive, LLC has entered into a long-term partnership with Monumental Sports & Entertainment (MSE). Under the multi-channel agreement, and subject to regulatory approvals, PENN secures online market access for ESPN BET in Washington D.C., and ESPN BET also becomes a sports betting partner of Monumental and its teams, including the Washington Capitals (NHL), Washington Wizards (NBA), and Washington Mystics (WNBA).

“We are thrilled to join forces with PENN Entertainment and align with ESPN BET, a leading brand across the sports and entertainment landscape,” said Jim Van Stone, President of Business Operations and Chief Commercial Officer at MSE. “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."

As part of the agreement, ESPN BET will work closely with MSE to enhance the fan experience through a multi-channel, integrated marketing partnership. The collaboration will include prominent in-arena and media components, including features in Capitals and Wizards game broadcasts on Monumental Sports Network (MNMT). In addition to custom broadcast integrations, the partnership provides:

• IP Rights for MSE, Capitals, Wizards, and Mystics for both ESPN BET and Hollywood Casino at Charles Town Races
• In-Arena and TV-Visible Signage
• Out-of-Home Advertising
• Commercial Schedule across Monumental Sports Network
• Unique Hospitality and Experiences

Both MSE and PENN support the American Gaming Association’s Have A Game Plan.® Bet Responsibly.™ campaign, designed to ensure fans remain educated and equipped with tools to enjoy gaming in a responsible manner. MSE has dedicated a variety of assets and resources to promoting responsible gaming including media coverage on MSE’s efforts, organic and amplified social media posts across all MSE social channels and in-arena digital displays, and commercials to consistently message fans outside the arena, on concourses, near concession areas, and in the center hung and ribbon boards while fans are in their seats.

PENN is committed to providing a safe environment for all customers to enjoy gaming responsibly. ESPN BET offers players comprehensive Responsible Gaming tools and resources, including limits on time, deposits, and wagering amounts. To learn more, visit www.pennentertainment.com/corp/responsible-gaming.

ESPN BET is an online sportsbook operated by PENN Entertainment that combines ESPN’s industry-leading brand and multiplatform reach with PENN Entertainment’s proprietary in-house technology and deep sportsbook operational expertise. ESPN BET is currently available in 19 states.

Gambling problem? Call 1-800-GAMBLER or visit www.1800gambler.net. Must be 21 or older to play.

About Monumental Sports & Entertainment

Monumental Sports & Entertainment is one of America’s leading sports and entertainment families. Our people, players, teams, and events bring excitement and joy to millions. We invest and innovate to consistently raise the game so we can deliver extraordinary experiences that will inspire and unite our community, our fans, and our people.

About PENN Entertainment

PENN Entertainment, Inc., together with its subsidiaries (“PENN,” or the “Company”), is North America’s leading provider of integrated entertainment, sports content, and casino gaming experiences. PENN operates in 26 jurisdictions throughout North America, with a broadly diversified portfolio of casinos, racetracks and online sports betting and iCasino offerings under well-recognized brands including Hollywood Casino®, L’Auberge®, ESPN BET™ and theScore BET Sportsbook and Casino®. PENN’s ability to leverage its partnership with ESPN, the “worldwide leader in sports,” and its ownership of theScore, the top digital sports media brand in Canada, is central to the Company’s highly differentiated strategy to expand its footprint and efficiently grow its customer ecosystem. PENN’s focus on organic cross-sell opportunities is reinforced by its 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 Game Studios). The Company’s portfolio is further bolstered by its industry-leading PENN Play™ customer loyalty program, offering its 31 million members a unique set of rewards and experiences.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as “expects,” “believes,” “estimates,” “projects,” “intends,” “plans,” “goal,” “seeks,” “may,” “will,” “should,” “look forward to,” or “anticipates” or the negative or other variations of these or similar words, or by discussions of future events, strategies or risks and uncertainties. These statements are based upon management's current expectations, assumptions and estimates and are not guarantees of timing, future results, or performance. Therefore, you should not rely on any of these forward-looking statements as predictions of future events. Actual results may differ materially from those contemplated in these statements due to a variety of risks, uncertainties and other factors, including those factors described in PENN Entertainment’s filings with the Securities and Exchange Commission (the “SEC”), including PENN Entertainment's current reports on Form 8-K, quarterly reports on Form 10-Q and its annual report on Form 10-K for the year ended December 31, 2023. Forward-looking statements speak only as of the date they are made and, except for PENN Entertainment’s ongoing obligations under the U.S. federal securities laws, PENN Entertainment undertakes no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250113437128/en/

Media:

Dan Sabreen, PENN Entertainment, dan.sabreen@pennentertainment.com

Christopher Browne, Monumental Sports & Entertainment, cbrowne@monumentalsports.com

Source: PENN Entertainment, Inc.

FAQ

What does PENN's partnership with Monumental Sports & Entertainment include?

The partnership includes ESPN BET market access in Washington D.C., sports betting partnership rights with the Capitals, Wizards, and Mystics, in-arena signage, broadcast integrations, and marketing opportunities across MSE platforms.

How many states is ESPN BET currently available in?

ESPN BET is currently available in 19 states.

What responsible gaming measures are included in PENN's ESPN BET platform?

ESPN BET offers comprehensive responsible gaming tools including limits on time, deposits, and wagering amounts, along with support for the American Gaming Association's Have A Game Plan.® Bet Responsibly.™ campaign.

What marketing benefits does PENN receive from the MSE partnership?

PENN receives IP rights, in-arena and TV-visible signage, out-of-home advertising, commercial scheduling on Monumental Sports Network, and unique hospitality experiences.