{"id":9067,"date":"2024-08-14T17:54:31","date_gmt":"2024-08-14T17:54:31","guid":{"rendered":"https:\/\/www.mundovideo.com.co\/en\/?post_type=america&#038;p=9067"},"modified":"2024-08-14T17:54:32","modified_gmt":"2024-08-14T17:54:32","slug":"espn-bet-will-not-have-an-additional-surcharge-when-they-launch-in-new-york","status":"publish","type":"america","link":"https:\/\/www.mundovideo.com.co\/en\/america\/espn-bet-will-not-have-an-additional-surcharge-when-they-launch-in-new-york\/","title":{"rendered":"ESPN Bet will not have an additional surcharge when they launch in New York."},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">During second-quarter earnings call last Thursday, Penn Entertainment CEO Jay Snowden said that ESPN Bet will not have a surcharge like DraftKings plans to add. ESPN Bet\u2019s parent company is Penn and the two have been working together for a few years now.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.youtube.com\/watch?v=4d0WZjXrn98&amp;t=29s\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/www.mundovideo.com.co\/assets\/feria24\/ice-london-termino-y-se-despidio-la-feria-en-imagenes-mgl.png\" alt=\"\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Jay Snowden mentioned that a surcharge tax in early 2025 is not something ESPN Bet is thinking about. However, Snowden did have to be honest and say that a surcharge could happen in the future. At the earnings call, Penn reported a Q2 revenue of $1.66 billion and a net income loss of $26.8 million. They were dragged down by their improved interactive segment which still needs some work.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.mundovideo.com.co\/america\/espn-bet-has-fans-awfully-concerned-about-potential-conflicts-of-interest\" target=\"_blank\" rel=\"noreferrer noopener\"><u>ESPN Bet has fans awfully concerned about potential conflicts of interest.<\/u><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This led to some investors calling for the total sale of Penn, but the company did not address those concerns at the earnings call last week. On Thursday, Penn\u2019s stock was up 7% to roughly $18.48.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>ESPN Bet will launch in the Big Apple<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.mundovideo.com.co\/assets\/international\/espn-bet-will-not-have-an-additional-surcharge-when-they-launch-in-new-york3.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">ESPN Bet has plans to launch its sports betting market in New York ahead of the college football season starting on August 24th. This was announced on the company\u2019s Q2 earnings call last Thursday by Penn CEO Jay Snowden. New York is one of the four \u201chigh tax states\u201d that are going to have to add a surcharge to winning bets. While this is expected to add roughly another $220 million to DraftKings, there is concern that customers could leave for another un-taxed market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Penn Entertainment CEO Jay Snowden said ESPN Bet is taking a different approach for its launch in New York. ESPN Bet is live in 18 states across the US and New York is looking to become the next. Snowden noted that Penn is going to lean on product improvements and the integration of ESPN and their loyal customer into New York.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>During second-quarter earnings call last Thursday, Penn Entertainment CEO Jay Snowden said that ESPN Bet will not have a surcharge like DraftKings plans to add. ESPN Bet\u2019s parent company is Penn and the two have been working together for a few years now. Jay Snowden mentioned that a surcharge tax in early 2025 is not [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9068,"menu_order":206,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"inline_featured_image":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-9067","america","type-america","status-publish","format-standard","has-post-thumbnail","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ESPN Bet will not have an additional surcharge when they launch in New York. - Mundo Video Entertainment | Casino News in Latin America and the World<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mundovideo.com.co\/en\/america\/espn-bet-will-not-have-an-additional-surcharge-when-they-launch-in-new-york\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ESPN Bet will not have an additional surcharge when they launch in New York. - Mundo Video Entertainment | Casino News in Latin America and the World\" \/>\n<meta property=\"og:description\" content=\"During second-quarter earnings call last Thursday, Penn Entertainment CEO Jay Snowden said that ESPN Bet will not have a surcharge like DraftKings plans to add. 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