PENN Entertainment has agreed a long-term partnership with Monumental Sports & Entertainment (MSE) to gain access to Washington DC’s sports betting market.
Subject to regulatory approvals, the multi-channel agreement will see the launch of PENN’s ESPN BET brand in Washington DC, replacing Caesars Entertainment-owned William Hill as the sports betting partner of Monumental and its teams the Washington Capitals (NHL), Washington Wizards (NBA), and Washington Mystics (WNBA).
“We are thrilled to join forces with PENN Entertainment and align with ESPN BET, a leading brand across the sports and entertainment landscape,” said Jim Van Stone, president of business operations and chief commercial officer at MSE. “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.”
As part of the agreement, ESPN BET will work closely with MSE to enhance the fan experience through a multi-channel, integrated marketing partnership.
The collaboration will include prominent in-arena and media components, including features in Capitals and Wizards game broadcasts on Monumental Sports Network (MNMT).
In addition to custom broadcast integrations, the partnership provides IP rights for MSE, Capitals, Wizards, and Mystics assets to both ESPN BET and Hollywood Casino at Charles Town Races, as well as in-arena and TV-visible signage.
“We are proud to partner with Monumental Sports and its teams to unite the energy of D.C. sports with our world-class platform,” said PENN Entertainment chief technology officer Aaron LaBerge. “This deal expands our footprint in the region, further connecting ESPN BET with one of America’s most passionate sports communities.
“Our presence alongside the Capitals, Wizards and Mystics positions ESPN BET at the center of the action where sports, technology, and fan experience converge.”
ESPN BET is currently available online in 19 states. Retail sportsbooks at ten of PENN’s Hollywood and Ameristar Casino properties in Pennsylvania, Colorado, Ohio, Iowa, Indiana and West Virginia are set to be rebranded to ESPN BET Sportsbook in the early part of this year.
Shares in PENN Entertainment Inc (NASDAQ:PENN) gained 3.02 per cent to close at $19.77 per share in New York Monday.