ESPN Bet Seen Bringing More Women to Sports Betting
The ESPN Bet app is off to a strong start. ESPN Bet was launched by Penn Entertainment just over five weeks ago on November 14, 2023. It debuted in 17 states and topped one million downloads in the first week. It appears the venerable ESPN brand is paying off for Penn in terms of bringing new bettors to the table. The consensus is that it is luring more casual bettors, including women, to the world of sports betting. This is in turn growing the market.
That’s the take of Bank of America analyst Shaun Kelley who is praising ESPN Bet’s strong start. “It is our sense ESPN Bet could be growing the market through more casual and female bettors compared to other sportsbooks,” Kelley noted. That is good news for the industry at large, because in the US, sportsbooks are struggling to attract female bettors according to some studies.
In November ESPN Bet’s gained market share came at the expense of BetMGM, Caesars Sportsbook, and DraftKings. FanDuel, the largest sportsbook, added 1% of market share. This could be in part due to increased marketing. Analysts say the increased market share of ESPN Bet isn’t yet weighing on DraftKings. DraftKings clients spending habits for November were estimated to be normal in the states where they compete with ESPN Bet.
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