At the 11th Annual Truist Securities GLLR Summit in Boston last week, the buzz surrounding the debut of ESPN Bet dominated conversations among gaming enthusiasts. The anticipation even found its way into the analysis by Truist Securities analyst Barry Jonas, who dedicated a significant portion of his conclave summary to the groundbreaking sports betting app.

Penn Entertainment Celebrates Success as ESPN Bet Emerges in 17 States with 4.9-Star Ratings

ESPN Bet, a joint venture between Penn Entertainment and ESPN, has already gone live in 17 states and provinces, garnering praise for its impressive download metrics, which have surpassed the 2 million mark. Penn Entertainment expressed its satisfaction with the app’s performance, highlighting a stellar 4.9-star rating from online reviews.

Investors are eyeing a 5% market share for ESPN Bet, despite the absence of early financial reports. Jonas observed that early data indicated that Penn was expanding the market, demonstrating an encouraging influx of female players, which he interpreted as a testament to the influence of the ESPN brand.

While the retention of customers remains uncertain, executives at Penn are optimistic, noting increased spending on wagers even as promotional funds dwindle. Despite a challenging November in terms of hold, Jonas observed strong initial wagering volumes and anticipated growth in promotional allocations.

Addressing concerns raised by Jonas, Penn executives assured that issues such as the speed of cash withdrawals and parlay treatment of pushed legs are being actively addressed, with expectations of the application becoming an “industry standard” in the first quarter of the coming year.

ESPN’s Bet Mode Set to Debut for Super Bowl

Looking ahead, ESPN plans to introduce its Bet Mode within the media app in time for the Super Bowl. The long-term vision includes integration with ESPN’s existing fantasy sports app.

The spotlight shifted to New York state, where ESPN Bet aims to secure a pivotal presence. Discussions are underway to acquire an Empire State license from an existing operator, with hopes of approval and entry in the coming year. However, the app faced a setback in Connecticut, losing out on an online license to newcomer Fanatics due to unfortunate timing.

According to an earlier analysis by Chad Beynon from financial services company Macquarie, ESPN Bet is off to a promising start, securing a notable market share in states like Iowa, Maryland, and Indiana. Despite being in its early days and not yet on par with established brands like BetMGM, DraftKings, or FanDuel, ESPN Bet has shown steady growth, posting a 16% increase in average handle in the three outlined states and surpassing 1.1 million downloads in its first week across 17 total states. 

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Gross gaming revenue for online slot and table games soared to $171.5 million, which is the highest yield recorded in a single month by the regulator, the New Jersey Division of Gaming Enforcement.

Online Casino Games Lead the Way in November

The strongest online performance in iGaming has been posted amid increased spending on “at-home” entertainment options as confirmed by a recent PaySafe report, which indicated that inflation had not curbed enthusiasm for sports betting, and this may be spilling over into the iGaming sector as well.

The year-over-year results have been particularly encouraging with last month’s results ahead 17% of those posted in November 2022 with $146.1 million. Golden Nugget Online Casino topped the iGaming food chain, driving $50.1 million of the total gross gaming revenue, followed by Resorts with $47.2 million and Borgata Online with $37.9 million.

The retail sector has not done so hotly, though, with mostly nominal gains, as casino revenue amounted to $214.9 million or a slight 0.2% increase in the results. Table games contracted by 6.5% last month, although slots made headway with a 3% jump for a total of $161 million.

Interestingly, iGaming has been able to co-exist with the land-based sector and has mostly appealed to a different type of audience, ensuring that there is a steady footfall at casino properties around Atlantic City.

Jane Bokunewicz, a frequent commentator, and analyst on gaming results in New Jersey, has even gone further to suggest that there is a very strong argument to be made for the lasting quality of in-person gaming which is not going to be supplanted by online casino performance, which is often cited as a fear factor for regulating online gambling in states where he land-based casino resort industry is loath to move forward with iGaming.

Smoking Ban and Gambling Results Continue to Pose a Challenge

Meanwhile, a vicious debate is raging in New Jersey with casino workers and activists demanding from Atlantic City’s resorts to finally fold an exemption of the state’s public smoking ban, which still allows 25% of casino floors to offer smoking.  

Atlantic City launched iGaming in 2013, and ten years after the fact, the industry seems to be growing and setting up new records. Land-based casinos argue that their profits would plummet further if a smoke ban were enacted because they do not get all the winnings but share the proceeds from online games with third-party suppliers.

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