ESPN BET opened the first retail sportsbook under its branding at 4 p.m. on April 24.
Hollywood Casino at Greektown in Detroit was formerly under the Barstool Sportsbook branding before PENN Entertainment announced an end to that partnership last August and subsequently launched its new venture with ESPN in November.
PENN Entertainment CEO Jay Snowden had announced the facility’s new branding during a Q4 2023 earnings call in February and the venue reopened under ESPN BET’s name on April 24 as the first bricks-and-mortar venue to feature the brand’s name.
At the time of Snowden’s announcement, PENN and ESPN said that the revamped sportsbook site would feature 40 betting kiosks, 25 HD TVs and a 30-foot video wall.
PENN Entertainment operates 32 retail sportsbooks across the U.S. Its Greektown location led Detroit’s three casinos in retail sportsbook handle in 2023, taking $71.1 million worth of bets and a gross revenue of $6.7 million.
PENN, ESPN hope to capitalize on NFL Draft
The rebranded and renovated casino has opened just in time for the NFL Draft, which is being held in Detroit not far from the casino on April 25.
The official unveiling on April 24 featured not only a ribbon-cutting ceremony but also a live First Draft podcast with ESPN sports personalities including NFL insiders and analysts Mina Kimes, Matt Miller and Field Yates.
Last year’s draft in Kansas City was credited with attracting 312,000 attendees and generating $164 million for the state’s economy over the course of three days.
Any kind of similar impact could be a boon for Hollywood Casino at Greektown and its operators.
ESPN BET looks to compete in digital market
Away from retail, Snowden said when unveiling the new partnership with ESPN in August that PENN believes the union can help them capture 20% of the online sports betting market by 2027.
Barstool Sportsbook held less than 5% of the market at that time but Snowden stressed that ESPN BET would bring “something new and different to think about” in the market. He added that “we think we’re going to be a major player.”
Since the ESPN BET digital platform went live in America‘s online sports betting market in November, data has shown it has taken to the market fairly well. It is reported to be a top-four online sportsbook in terms of cash handle, holding an 8% market share, a figure that competes well with BetMGM and Caesars Sportsbook.
