ESPN BET Set to Launch Retail Sportsbook in Detroit

ESPN BET is set to serve as a brick-and-mortar sportsbook at PENN Entertainment’s Hollywood Casino, which is situated in Greektown Detroit, Michigan. According to reports, the sportsbook will feature 40 betting kiosks.

In a PENN Entertainment press statement, Jay Snowden, Chief Executive Officer and President shared his delight in the new venture, noting that its Hollywood Casino sportsbook rebrand will bring forth unique offerings for customers.

“We’re thrilled to announce that our market-leading sportsbook, Hollywood Casino at Greektown, will debut as the first ESPN BET-branded sportsbook in our portfolio.

Together with ESPN, we look forward to expanding the ESPN BET brand with our premium retail sportsbooks and creating unique omni-channel experiences at key PENN properties across the country.”

More Pages: Michigan Sports Betting | Best Sports Betting Apps | Best Sportsbook Promos

ESPN BET Retail Sportsbook Targets NFL Draft

ESPN BET only launched on Nov. 14, 2023, as an online sportsbook, and it’s already set to venture into retail in April this year, hence being strategically placed to coincide with the NFL Draft. Currently, ESPN BET is available in 17 states; the sports betting brand is obviously not backing down from expanding in North America.

In March 2022, Detroit was granted the honor of hosting the highly anticipated 2024 NFL Draft, marking a significant milestone for the city’s sports scene. This prestigious event is expected to attract football enthusiasts from all corners of the nation, bringing a surge of excitement and energy to Detroit.

Scheduled to take place from April 25 to 27, the 2024 NFL Draft promises to be an unforgettable experience for attendees. What’s more, entry to the event will be completely free, allowing fans of all ages and backgrounds to partake in the festivities. Throughout the draft weekend, Detroit’s vibrant downtown area will serve as the epicenter of the action. Iconic landmarks such as Campus Martius Park and Hart Plaza will take center stage, providing the perfect backdrop for this momentous occasion.

PENN’s Partnership with ESPN Maximizes Profit for Both Parties

Under an earlier agreement forged between PENN Entertainment and ESPN, PENN has committed to paying ESPN $1.5 billion in cash over the course of the next decade, as the deal is valued at $2 billion. Additionally, as part of the agreement, ESPN will acquire nearly 32 million shares of PENN Entertainment, which are estimated to be worth around $500 million.

“Growing the ESPN BET brand is essential to increasing our market share and ultimately reaching a podium position,” Mike Morrison, Vice President of ESPN BET and ESPN Fantasy, commented.

Apart from the rebranding efforts, customers can anticipate a series of exclusive events featuring ESPN regional radio personalities at the retail sportsbooks operated by the company in the coming months.

“Our commitment to that shows in a variety of ways, from new markets to our first retail presence, and we cannot wait to open ESPN BET inside Hollywood Casino at Greektown for fans in Michigan ahead of some key sporting events,” Morrison added.

In 2023, Greektown Casino emerged as the top performer among Detroit’s three casinos in terms of retail sportsbook activity. Throughout the year, it recorded a total handle of $71.1 million, indicating the total amount wagered by bettors. Impressively, Greektown also achieved a hold of nearly 9.5%, resulting in a gross revenue of almost $6.7 million.

However, the start of 2024 brought a challenging period for Greektown, as it experienced its largest monthly loss in January. Despite handling $9.1 million in bets during the month, the venue ended up facing a significant setback, with bettors collectively winning more than $1 million.

READ MORE:

• ESPN BET Makes a Splash on US Sports Betting Landscape
• Penn Entertainment’s Stock Surges Following Successful Launch of ESPN BET
• Penn Entertainment Forges Alliance with Quail Hollow Club to Expand ESPN BET Market Access in North Carolina