ESPN BET’s Launch in D.C. with PENN & MSE Partnership
PENN and MSE come to terms, opening the way for ESPN BET to go live in the nation’s capitol.
ESPN BT will soon be the official partner of the Washington Capitals. © Library of Congress, Unsplash
Key Facts:
- PENN pens a long-term partnership agreement with Monumental Sports and Entertainment
- This allows PENN’s ESPN BET access to the Washington DC market.
- It also makes ESPN BET the sports betting partner for three of Washington’s professional sports teams.
- The Wizards, Capitals, and Mystics will all be part of this new marketing partnesrship
PENN Entrtinment, the Wyomissing PA. based gaming conglomerate, with more than 43 casino and racetracks around the country, and Monumental Sports and Entertainment owners of the Washington Capitals, Washington Wizards, and Washington Mystics as well as several prominent esports teams, announced a new long-term partnership this week.
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.– Jim Van Stone/MSE, Chief Commerical Operator, ESPN Press Release
The most significant impact for PENN is the ability to allow its sportsbook, ESPN BET, to take wagers in the Capitol. D.C., and will now join 19 states in which ESPN BET operates.
Since the city has done away with the previous gambling monopoly fiasco with GAMEBET D.C., sports betting has grown exponentially, with most recent months seeing over $60 million in gross handle or bets made.
ESPN BET Will Face Lots of Competition
However, it is a crowded market with FanDuel, DraftKings, BetMGM, Fanatics, and Caesars already up and running and competing fiercely for 7 to 8 million in revenue each month.
The Sports Wagering Amendment Act that passed with the budget in June of last year opened the D.C. market to more operators. FanDuel had partnered with Audi Field, which is home to the DC United Soccer team, and Bet MGM had partnered with the Washington Nationals.
Oddly, MSE and the Capitals had already partnered with Caesar’s, which leaves open the question of whether that partnership will continue to be ongoing or if they will need to sign a new partner.
Other elements of the deal include:
- Television and In Arena signage promoting both PENN and ESPN BET at the new Captital One Arena and other sites.
- Commercial rotation on the Monumental Sports Network
- Unique Hospitality events hosted by PENN at MSE’s five venues
- IP rights for the Capitals, Wizards, and Mystic games for ESPN BET and Hollywood Casino at Charles Town Racing, a Penn casino about 60 miles to the Northwest of D.C.
While the multi-channel partnership is likely a done deal, it will still need to secure regulatory approval.
