Penn Entertainment CEO Jay Snowden has a dire prediction for ESPN Bet and its future place in the booming sports betting market.
ESPN Bet aimed to compete with popular platforms like DraftKings and FanDuel, but a recent earnings report showed that just 0.1 percent of ESPN app users have a linked ESPN Bet account, according to Awful Announcing. Penn Entertainment, which licensed the brand following an agreement with ESPN in 2023, discussed the dismal figures during a recent earnings call, per reporter Ryan Butler.
“Less than 0.1% of ESPN app users have linked an ESPN BET account, per figures from today’s $PENN earnings call,” Butler announced on X.
“[Very] rough, rounded estimates of a few select combined US sportsbook/iCasino platform monthly active user totals as of the start of 2025: FanDuel: 4 million DraftKings: 3.5 million BetMGM: 1 million ESPN BET: 350,000 BetRivers: 200,000,” he added.
Less than 0.1% of ESPN app users have linked an ESPN BET account, per figures from today's $PENN earnings call
— Ryan Butler (@ButlerBets) February 27, 2025
((VERY)) rough, rounded estimates of a few select combined US sportsbook/iCasino platform monthly active user totals as of the start of 2025:
— Ryan Butler (@ButlerBets) February 27, 2025
FanDuel: 4 million
DraftKings: 3.5 million
BetMGM: 1 million
ESPN BET: 350,000
BetRivers: 200,000
According to a transcript at Seeking Alpha, Penn Entertainment CEO Jay Snowden admitted that ESPN Bet is “not on pace” to hit its desired goals, predicting that ESPN and Penn will have to operate in their “best interests” once the three-year agreement expires in 2026.
“Of course, as you get into 2026, you hit the third anniversary of our relationship with ESPN. And both sides expect to be in a really good place,” he said.
“I mean, we are heads down, laser-focused. We have tremendous plans in place for 2025 and 2026. But if for whatever reason we’re not hitting the levels that we need to, then obviously as you’re approaching that third anniversary, you have a three-year clause in the contract that both sides will have to do what’s in their best interests,” he added.
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