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PENN Entertainment Signs Agreement with Wynn Interactive Holdings

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PENN Entertainment has announced that it has reached an agreement with Wynn Interactive Holdings to acquire its New York mobile sports wagering licenses, providing PENN with market access to the jurisdiction. Pending regulatory approvals, PENN will launch its online sports wagering product, ESPN BET, in New York in 2024.

As part of the transaction, PENN is acquiring WSI US LLC, from Wynn Interactive Holdings for $25 million. WSI US LLC is the entity that holds the mobile sports wagering licenses that were previously issued by the New York State Gaming Commission in 2021. Wynn Interactive is a subsidiary of Wynn Resorts Limited.

“This is an important development that will bring ESPN BET to the largest regulated online sports wagering market in North America. Together with ESPN, we’re building a brand that is synonymous with sports betting, and operating in the New York market is key as we grow ESPN BET across the US,” Jay Snowden, CEO and President of PENN Entertainment, said.

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ESPN BET Launches in North Carolina

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ESPN BET, the official sportsbook of ESPN, launched in North Carolina as the state’s legal sports betting market opened. Fans in the state now have access to the state-of-the-art mobile and web betting platform, which offers a variety of markets across sports and leagues from around the world, including straight bets, cross-sport parlays, props, and in-game wagering, along with daily odds boosts, custom offers, exclusive promotions and integrations with ESPN content and personalities. ESPN BET, operated by PENN Entertainment, is now live in 18 states.

To celebrate, ESPN BET is hosting a launch party for fans 21+ at Rally in Charlotte on Friday, March 15, featuring ESPN’s Stephen A. Smith. The event will begin at 5:30 pm and will include complimentary refreshments, music, activities, prizes, and plenty of screens to follow all the March college basketball action.

“We’re thrilled to bring ESPN BET to North Carolina, which marks the first new state launch under our ESPN partnership. Together, we’re excited to engage with sports fans across the state and deliver an exceptional sports wagering experience. We commend the North Carolina State Lottery Commission and all of the stakeholders involved in establishing this new legal sports betting market,” Jay Snowden, CEO and President of PENN Entertainment, said.

“Launching ESPN BET for North Carolina fans is a pivotal moment. This marks a significant stride forward, building on the momentum from our inaugural launch in November. Now, fans have the chance to align themselves with a sportsbook backed by the trusted ESPN brand, offering an unparalleled experience in the world of sports betting,” Mike Morrison, Vice President of ESPN BET and ESPN Fantasy, said.

PENN secured market access in North Carolina through a partnership with Quail Hollow Club, a private golf club in Charlotte that has hosted some of the game’s greatest players and events. Additionally, ESPN BET is the exclusive official betting operator of the Wells Fargo Championship, a PGA TOUR Signature Event that will be held at Quail Hollow Club in May.

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PENN and ESPN are committed to providing a safe environment for all customers to enjoy gaming responsibly. ESPN BET offers comprehensive Responsible Gaming tools and resources, including limits on time, deposits, and wagering amounts.

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PENN Entertainment Announces Interactive Leadership Transition Scheduled for April 2024

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PENN Entertainment announced that the founding family behind theScore – John Levy, Benjie Levy, Aubrey Levy, and Noah Levy – will be stepping down from their roles at PENN Interactive, with John departing in mid-February and with Benjie, Aubrey and Noah departing in April 2024. In conjunction with this planned leadership transition, the Company is in the final stages of its search for a new Head of Interactive.

“This transition plan comes at a natural inflection point, with the migration to our proprietary technology platform complete, theScore’s media and betting business delivering record results, and ESPN BET off to a strong start. The Levys are a family of successful entrepreneurs and are truly pioneers in the sports media and gaming industry. I am very proud of what we’ve been able to accomplish with them, including the development of an extremely deep and talented bench at PENN Interactive. With this experienced, best-in-class team firmly in place, we are well prepared for this to be a seamless transition and to continue growing our position as a leader in online gaming and sports media,” Jay Snowden, CEO and President of PENN Entertainment, said.

“Working at PENN has been extremely rewarding and we want to thank Jay, Todd George and the entire PENN team for their partnership and support as we brought these two organizations together to execute on our uniquely integrated media and betting strategy. Our focus on creating industry leading technology and products has been second only to our efforts in building a world class team and fostering a special place to work. We could not be more proud of this team and what we have accomplished together, and we look forward to watching as they continue to build upon the successful foundation we established at theScore,” Benjie Levy, Head of PENN Interactive and President and Chief Operating Officer of theScore, said.

PENN acquired Score Media and Gaming Inc. (theScore) in October 2021 and integrated theScore with its PENN Interactive unit under the leadership of Benjie Levy as Head of Interactive with John Levy assuming the role of Executive Chairman of theScore. The integrated interactive team further established PENN as an online gaming leader across North America, including launching and sustaining a leading position in Ontario with theScore Bet, completing the successful migration onto a proprietary, cutting-edge technology stack, and most recently executing the highly anticipated and successful launch of ESPN BET.

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“The enduring success of theScore is due to the passionate and committed team that helped launch, develop and innovate our products to provide the best possible fan experience. Empowering fans with a seamlessly integrated media and betting experience has been core to our mission since day one. That strategy has led to the success of theScore and theScore Bet in Ontario and ESPN BET in the US and will continue to differentiate this online gaming business going forward,” John Levy, Executive Chairman of theScore, said.

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ESPN BET Now Live in 17 States

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PENN Entertainment Inc. announced that ESPN BET successfully launched in the 17 states across the US where it offers online sports betting. The newly branded online sportsbook from PENN and ESPN is available for mobile wagering on iOS and Android, and via web at www.ESPNBET.com.

In addition, PENN’s online casino offering is now accessible within ESPN BET via mobile and web under the Hollywood Casino brand in Michigan, New Jersey, Pennsylvania, and West Virginia.

“We’re extremely proud to introduce ESPN BET and look forward to delivering an exceptional customer experience to fans across the US. Our successful launch is the culmination of months of hard work across both teams and we could not be more excited to roll out ESPN BET in partnership with ESPN. PENN’s operational excellence paired with ESPN’s unmatched brand and reach is a powerful combination that will drive this compelling new sportsbook,” Jay Snowden, CEO & President of PENN Entertainment, said.

ESPN BET operates on the Penn Interactive Gaming Platform, a state-of-the-art, proprietary technology stack built by PENN’s in-house product and engineering teams. In August 2023, PENN entered into a transformative, exclusive long-term strategic alliance with ESPN Inc. and ESPN Enterprises Inc. (together, ESPN) relating to online sports betting within the US.

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