ESPN Bet Going to Washington After Landing ‘Monumental’ Partnership
ESPN Bet plans to begin mobile sports betting activities in the nation's capital later this year.
ESPN Bet, fully owned by Penn Entertainment, revealed a strategic alliance with Monumental Sports & Entertainment on Monday. Monumental is the sports management firm owned by billionaire Ted Leonsis.
The agreement between Penn and Monumental, subject to regulatory approval, will provide ESPN Bet market access to run its online sportsbook in Washington, DC. Under the terms of the agreement, Penn and ESPN Bet will collaborate with Monumental to "improve the fan experience via 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 manages and runs the NBA Washington Wizards, NHL Washington Capitals, and WNBA Washington Mystics. Monumental also owns the Monumental Sports Network, the Capital One Arena in DC, and EagleBank Arena located on the George Mason University Fairfax campus.
Funding Availability
ESPN Bet will establish a media presence at Capital One Arena, the venue for the Capitals, Wizards, and the Georgetown Hoyas men's basketball team. Monumental possesses the facility that was inaugurated in 1997. The Mystics compete at the city-operated Entertainment and Sports Arena located in Congress Heights.
Monumental obtained retail sports betting rights due to the city’s legal expansion of sports gambling in 2019, which allowed sports venues to apply for sportsbook licenses. Every license linked to a sports stadium or arena has a one-time fee of $500K, accompanied by annual renewals costing $250K. Total income is liable to a 10% tax.
Although Monumental is utilizing one of its online sportsbook agreements with ESPN Bet, the deal does not cover the Capital One Arena sportsbook. That license is held by Caesars Entertainment. The Caesars Sportsbook at the arena launched in May 2021.
DC will become the 20th area in the nation where ESPN Bet functions.
DC Representation
In August 2023, Penn Entertainment consented to pay ESPN $1.5 billion over a decade to utilize the sports media company's image in the casino operator's sports betting operations. The situation arose after Penn resold Barstool Sports to Dave Portnoy for $1, having previously invested more than half a billion dollars in the company.
During the COVID-19 pandemic, ESPN launched a TV studio in DC for “SportsCenter with Scott Van Pelt.” The experienced sportscaster was raised in the capital metropolitan area and requested his employer to permit him to work there to be nearer to family after spending many years in Connecticut, where ESPN's headquarters is located.
DC’s sports betting market is finally flourishing after the city government last year terminated Intralot’s GambetDC online monopoly and permitted physical sports venues to collaborate with online sportsbook operators. Even though the capital has a population of roughly 702K, surpassing only Vermont and Wyoming, DC ranks as one of the most frequented cities in the country.
In November, over $68.2 million was wagered through DC's retail and mobile sportsbooks. FanDuel is the leading operator, representing $35.5 million of the November total. FanDuel operates its online sportsbook and also accepts bets in person at Audi Field, the home ground of the MLS DC United soccer team.
