ESPN Bet is off to a bad start

How is ESPN Bet performing so far? In the words of Bubble Boy, “Not good enough“.

Before we go any further, here’s a disclaimer. NBC has gambling deal with DraftKings; PFT, the online operation had no gambling deal at all.

We’ve had opportunities. We passed, for various reasons. Among other things, I have persistent concerns that many people will view sports betting as a way to make money rather than what it actually is – a form of entertainment that entails, for the vast majority of those who do it, a high percentage of money. The degree of certainty that you will lose money.

that’s good. People lose (spend) discretionary income in all sorts of ways. But it is a reliable way to make money just for home.

Except for Pennsylvania National, that is.

After her deal with Barstool fell through, Ben turned to ESPN Bet with a deal It pays $1.5 billion over 10 yearsIn addition to the ability to purchase up to 31.8 million shares of Penn National stock. Now, with the first full quarter of the new relationship completed, Penn National has failed to estimate its earnings — because of ESPN’s bet.

via sPort Business JournalESPN’s bet was “Drag on the bottom linefrom Pennsylvania National with a loss of $196 million. Revenue was down 3.6 percent from the first quarter of 2023, when Pennsylvania and Barstool.

“While we are pleased with ESPN BET’s early adoption and syndication results, our focus this football season will be on enhancing our product offerings,” said Jay Snowden, Penn State National President, in an effort to fill a more than half-empty glass.

What that means for the ESPN viewer/consumer remains to be seen. As Penn tries to turn a profit, he would likely want ESPN to sell more gambling products to its audience. (On Saturday, ESPN sent out an email offering to “reset your first bet” with up to $1,000 in bonus bets if you lose your first bet.) Again, that’s fine — as long as everyone is on the same page about how gambling works. It can be fun, when done responsibly. You will likely lose more than you gain over time.

It’s no way to pay the bills. It’s not a way to get rich. Of course, there are the rare few who have cracked the code (even haven’t). For most people, gambling remains a tax on our illusion that there is a way to get rich quick when there certainly isn’t. Ads that push these buttons directly or indirectly exacerbate the problem, no matter how many times you write “Please gamble responsibly” in small print.

Sports books are not a form of public assistance. They are there to make money. They make money by losing it. It’s a simple fact. Anyone who bets should understand that. Anyone who does not understand this should not bet, otherwise they will end up with a gambling problem.

And any sports site that doesn’t make money faces a completely different type of gambling problem. It could be as simple as DraftKings and FanDuel have already become the Coke and Pepsi of sports betting, and the best anyone else can be is RC.

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