Penn Entertainment Corporation has entered into an agreement with Wynn Interactive Holdings to secure an online betting license in New York. The deal involves the acquisition of a Wynn subsidiary by PENN management, with the organization paying $25 million for WSI US, LLC. The acquired brand holds an online sports betting license issued by the New York Gaming Commission in 2021.
Penn anticipates the launch of its online sports betting platform ESPN BET by the end of 2024, contingent upon receiving the appropriate license. Jay Snowden, CEO and President of Penn Entertainment, expressed confidence in the success of the venture, given its association with the media giant ESPN, a prominent sports television channel.
Wynn, on the other hand, is scaling back its betting operations as part of the agreement with Penn. The company is redirecting its focus towards building a resort on an artificial island managed by the UAE.
