Posted on: January 13, 2025, 01:44h.
Last updated on: January 13, 2025, 02:30h.
ESPN Bet will launch mobile sports wagering operations in the nation’s capital later this year.
ESPN Bet, a wholly-owned subsidiary of Penn Entertainment, announced a strategic partnership with Monumental Sports & Entertainment on Monday. Monumental is the sports holdings company of billionaire Ted Leonsis.
The deal between Penn and Monumental, pending regulatory approval, will deliver ESPN Bet market access to operate its online sportsbook in Washington, DC. As part of the agreement, Penn and ESPN Bet will work closely with Monumental to “enhance the fan experience through a multi-channel, integrated marketing partnership.”
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 Aaron LaBerge, Penn Entertainment’s chief technology officer. “This deal expands our footprint in the region, further connecting ESPN Bet with one of America’s most passionate sports communities.”
Monumental owns and operates the NBA Washington Wizards, NHL Washington Capitals, and WNBA Washington Mystics. Monumental additionally owns the Monumental Sports Network, DC’s Capital One Arena, and EagleBank Arena on the George Mason University Fairfax campus.
Capital Access
ESPN Bet will have a media presence at Capital One Arena, the home of the Capitals, Wizards, and Georgetown Hoyas men’s basketball team. Monumental owns the facility that opened in 1997. The Mystics play at the city-owned Entertainment and Sports Arena in Congress Heights.
Monumental acquired retail sports betting rights through the city’s legal expansion of sports gambling in 2019 that provided sports facilities with opportunities for sportsbook licenses. Each license tethered to a sports stadium or arena costs a one-time $500K fee, with annual renewals at $250K. Gross revenue is subject to a 10% tax.
While Monumental is leveraging one of its online sportsbook rights to ESPN Bet, the pact doesn’t include the Capital One Arena sportsbook. That license is retained by Caesars Entertainment. The arena’s Caesars Sportsbook opened in May 2021.
DC will mark the 20th jurisdiction in the country where ESPN Bet operates.
DC Presence
In August 2023, Penn Entertainment agreed to pay ESPN $1.5 billion over 10 years to use the sports media company’s likeness in the casino operator’s sports betting business. The development followed Penn selling Barstool Sports back to Dave Portnoy for $1 after shelling out over a half-billion dollars for the company.
During the COVID-19 pandemic, ESPN opened a television studio in DC for “SportsCenter with Scott Van Pelt.” The veteran sportscaster grew up in the capital metro area and had asked his employer to allow him to work there to be closer to family after spending decades in Connecticut where ESPN is headquartered.
DC’s sports betting industry is finally blossoming after the city government last year ended Intralot’s GambetDC online monopoly and allowed brick-and-mortar sports facilities to partner with online sportsbook operators. Though the nation’s capital is home to only about 702K people, which out-populates only Vermont and Wyoming, DC is among the most visited cities in the nation.
In November, more than $68.2 million was bet via DC retail and mobile sportsbooks. FanDuel is the dominant operator, accounting for $35.5 million of the November handle. FanDuel runs its online book and additionally takes bets in person at Audi Field, home of the MLS DC United soccer team.
