The newly rebranded sports gaming app owned by Penn Entertainment, ESPN Bet, announced its debut earlier this month. Launching in 17 US states, the sports betting app entered some major US markets, including Michigan, New Jersey and Pennsylvania, among others.
The interest in ESPN Bet soared ever since its launch on November 14, 2023. In fact, according to JMP Securities, the new sports betting application saw more than a million downloads during its first week since launch. The analysts revealed that between November 14 and November 20, 2023, the downloads for ESPN Bet surpassed 1.1 million.
The latest result completely surpassed the previous record downloads for a single week achieved by FanDuel. During the 2022 Super Bowl, downloads for FanDuel’s app within a six-day period hit 468,000, setting a record for the time.
Currently, DraftKings has the highest market share, holding approximately 45% of the regulated betting sector across the US. FanDuel is ranked as the operator with the second-highest market share with 32%, while BetMGM currently holds 10% of the market.
Despite the strong presence of the market leaders, the number of downloads of ESPN Bet reaffirms the app’s dedication to growing its presence across the country. Judging by the number of downloads for its first week of operation, the app was downloaded seven out of 10 times, a figure that is a testament to its intention to penetrate the sector rapidly.
During its first week, ESPN Bet ranked as the most downloaded app on the App Store. Undoubtedly, the robust advertising by ESPN helped propel the popularity of the new sports betting app that promises unique experiences and competitive odds.
Launch of ESPN Bet Boosts Penn’s Stock
The launch of ESPN Bet comes after a major billion-dollar deal between Penn Entertainment and ESPN. Per the terms of the deal with a $1.5 billion price tag, Penn was granted approval to use ESPN’s name for its new sports betting app for 10 years with the option to extend this term for another 10 years. Entering more than a dozen US states, ESPN Bet tapped into the highly competitive sports betting sector.
The recent launch positively impacted Penn’s stock with the Bank of America upgrading its rating from neutral to buy last week. At the time, Shaun Kelley, the leading analyst for Bank of America, spoke about ESPN Bet’s downloads, acknowledging the app is well-received by bettors and ranked among the top applications on the App Store. Thanks to the launch, as of last week, Penn’s stock traded more than 7% higher.