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The results of a new survey by integrated marketing firm Hot Paper Lantern suggest that newly launched Fanatics Sportsbook has a better edge over Penn Entertainment's ESPN BET in battle over market share in the battle for fifth place in the sports betting space.
HPL surveyed 24 reporters in the betting or sports business space with 80% of them saying that ESPN BET was starting with a stronger brand awareness and affinity. But 57% of those reporters said that Fanatics' e-commerce loyalty ecosystem was a stronger acquisition tool than ESPN's user base and content.
"Fanatics and ESPN Bet are the next movers in this market," said HPL spokesman Mike Adorno. "ESPN BET has the media at their disposal, while Fanatics has the merchandising and collectibles part of their business. The media thinks that what Fanatics has will more be a direct driver towards retention of bettors."
Targeting the right demographics is also major factor. HPL CEO Ed Moed suggested to Matt Rybaltowski of Sports Handle that bettors in their 20s will be the key demographic to target for long term success and Moed thinks Fanatics has an edge there.
Representatives for ESPN BET and Fanatics did not immediately respond to a request for comment made by the Action Network.
ESPN BET is expected to launch next month in all 17 states that Penn has a license in, replacing the old Barstool Sportsbook in those jurisdictions. Meanwhile, Fanatics launched last month but still trails behind the big four (DraftKings, FanDuel, BetMGM and Caesars) in key metrics, such as handle and profit.
Penn, whose CEO Jay Snowden believes in lower acquisition costs through content, ditched Barstool after admitting the experiment didn't work and signed a 10-year, $1.5 billion deal with ESPN.
Of those surveyed, 70% said they could envision both brands earning a combined 11-20% market share within two years and 74% said that of the big four, Caesars would be the one company that would lose most market share.
ESPN BET Set to Earn Market Share Starting November 14
ESPN BET will officially be available in 17 state markets starting on November 14, 2023. New users will be able to sign up using ESPN BET promo code to take advantage of a welcome offer. The details of the welcome offer have not yet been released, but will be available soon!
