ESPN Bet makes dent in US sports betting hierarchy during first full month
PENN Entertainment-powered brand already lays claim to a top-three spot in Massachusetts while knocking on the door of several other states
ESPN Bet has enjoyed an impressive first full month of operation after officially launching in 17 states on November 14, 2023.
Various state handle and revenue figures for December, released throughout January, show that ESPN Bet has made a serious dent in the established order of sports betting operators across several states.
However, while handle is up, ESPN Bet’s launches will have been accompanied with strong promotional offers, which may skew the exact extent of the brand’s penetration per state.
Figures released by the Massachusetts Gaming Commission for December showed the operator had managed to accrue just under $50m in handle against a statewide online sports betting handle of $643.2m.
That effort has seen the brand take a bronze medal position in Massachusetts but it still finds itself some way behind the market leaders DraftKings and FanDuel.
While ESPN Bet led fourth-placed BetMGM in the Bay State, which took in $39.1m in wagers in the final month of the year, DraftKings and FanDuel were streets ahead, with handle of $315.9m and $187.4m, respectively.
Nevertheless, ESPN Bet’s December performance exceeded its previous month’s debut in the state, where the brand snagged $39.7m in handle after launching mid-way through the month.
The operator, however, ended December with $4.2m in revenue, which was down on the $5.8m recorded in November.
Elsewhere, in Indiana, ESPN Bet made a solid start by taking $33m in handle throughout December through its partnership with Hollywood Casino Lawrenceburg. This translated into revenue of $3.7m.
The operator is firmly in a tussle for third place, with BetMGM taking $33.6m in bets and Caesars close behind with $33.3m.
Once again, DraftKings ($177.9m) and FanDuel ($171.3m) were out in front in the in the Hoosier State handle battle.
ESPN Bet also made waves in Iowa in December, but missed out on a podium position in terms of handle, taking $18.9m in wagers.
The firm found itself behind Caesars, which took $36.7m in bets, while FanDuel ($67.4m) and DraftKings ($94.7m) once again took the lion’s share of the market.
Although, while being adrift from Caesars, ESPN Bet returned revenue in December of $1.7m compared to Caesars’ $2.5m.
Kansas represented another fourth-place finish in terms of handle for ESPN Bet after taking $22.61m in wagers, only to be pipped to the post by BetMGM with $22.62m.
However, the group did close the gap in December compared to its performance in November when handle landed at $21.5m compared to BetMGM’s $24.1m. Promotional spend also decreased from $6.3m to $2.5m.
Finally, the newly launched operator could also be on course to gain a larger piece of the pie in Ohio after an impressive November saw the PENN Entertainment brand generate $70.8m in handle.
Data showed there was $29m spent on promotional credits with ESPN Bet during December in the Buckeye State, which was almost three times as much as the next highest operator, DraftKings, with $10.5m.