Penn Entertainment’s ESPN Bet is growing quickly. If that growth continues, the operation is set to pose a serious challenge to the dominance of both DraftKings and FanDuel in the American market. This according to a survey from Truist Financial Corporation, a US-based bank holding company.
That 2024 survey highlights the pivotal role of ESPN Bet as the ‘go-to app’ for sports scores, placing it as a strong potential contender in the sports betting industry. The data shows 44% of sports enthusiasts trust ESPN for scored, with 64% of those people interest in betting integration into the app.
Additionally, over 50% of users on the app see ESPN as a promising primary betting platform, and nearly half would consider it a viable option for their gambling. But despite the apps promising start, Truist sees industry giants DraftKings and FanDuel continuing to dominate for now.
DraftKings leads as the preferred sports betting app for 29% of users, with FanDuel close behind at 22%. However, Truist notes a nuanced consumer sentiment, with DraftKings and FanDuel often perceived as equally appealing. As for BetMGM, capturing 12% of user preference, Truist remains cautious about its potential to rival ESPN Bet or challenge the market leaders. The critical role of flawless execution and technological advancements for BetMGM to remain competitive in this dynamic landscape.
Truist Financial is headquartered in Charlotte, North Carolina, and was formed in December 2019 as the result of the merger of Branch Banking and Trust Company and SunTrust Banks. It operates 2,781 branches in 15 states and Washington, D.C., offering consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services.