ESPN Bet Shakes Up US Sports Betting Landscape

During the week of November 14 to November 20, 2023, ESPN Bet witnessed an unprecedented surge in downloads, reaching an impressive 1.1 million. This achievement shattered the previous record held by FanDuel during the 2022 Super Bowl, where it amassed 468,000 downloads in a six-day period.

Despite the dominance of DraftKings in the US betting sector with a 45% market share, ESPN Bet's rapid ascent indicates a shifting landscape. FanDuel, holding the second-highest market share at 32%, and BetMGM with 10%, face increased competition from this newcomer.

ESPN Bet's debut was nothing short of remarkable, securing its place as the most downloaded app on the App Store during its first week. This achievement, with seven out of ten downloads in the sports betting category, underscores ESPN Bet's commitment to swift expansion and widespread popularity.

Penn Entertainment's strategic move in partnering with ESPN for the sports betting app has paid off. The $1.5 billion deal allowed Penn to use ESPN's name for its app, propelling the company into more than a dozen US states. The recent launch positively impacted Penn’s stock, prompting the Bank of America to upgrade its rating to "buy." Shaun Kelley, the leading analyst, attributed the stock surge to ESPN Bet's favorable reception, ranking it among the top applications on the App Store.