ESPN Bet launched with the goal of acquiring a 10% market hold within its first three years of operations. The early signs are promising, as the platform has found success leveraging the ESPN branding in a market dominated by the “Big Four”—FanDuel, DraftKings, BetMGM, and Caesars.
ESPN Bet already served as the Greektown casino’s online sports betting partner and found success doing so. The platform reported a $35.8 million handle and $2.1 million in revenue in Michigan in February, both of which were the fourth-highest totals for the month.
That was the company’s third straight month occupying the fourth spot in the Michigan market, trailing FanDuel (MotorCity), DraftKings (Bay Mills), and BetMGM (MGM Grand Detroit).
FanDuel and DraftKings are very much the in-power legal sports betting sites in America, but the incumbent books are coming under increasing pressure from not only ESPN Bet, but Fanatics as well.
Now that frenzied period of March Madness betting, highlighted by record-setting viewership and betting totals in the women’s national championship game, is over, the next major event for the sportsbooks will be the NBA playoffs and the NBA Finals.
The MLB is also back in season but still dealing with the aftermath of the shocking betting scandal involving Los Angeles Dodgers megastar Shohei Ohtani, who allegedly had more than $4 million stolen by his interpreter and friend to pay off gambling debts to an illegal bookmaker.