PENN Entertainment (PENN) announced on Monday that it has completed the rebranding of its online sports betting platform to theScore Bet. The sports betting app is now live in 21 U.S. jurisdictions, including the latest launch in Missouri.
The company said it was a seamless customer transition for ESPN Bet customers to theScore Bet, with all existing account details and features carried over. PENN (PENN) noted that theScore Bet app offers a robust wagering menu, innovative features, and deep integration with theScore sports media app, aiming to deliver a unified media and betting experience.
This rebranding occurs amid significant challenges for PENN’s former joint venture, ESPN Bet. Despite high-profile marketing and the strength of the high-profile ESPN brand, ESPN Bet has struggled to gain significant market share against dominant players like FanDuel (FLUT) and DraftKings (DKNG) after getting off to a late start in key states. Analysts have pointed to issues such as inefficient user acquisition costs, product integration delays, and fierce promotional competition. Looking ahead, PENN Entertainment’s (PENN) pivot to theScore Bet is seen as strategic due to the brand’s successful track record and brand equity in Canada.
“We look forward to creating the same fan connection with theScore Bet brand in the U.S. as we’ve done in Ontario and delivering players more of what they want – rewards, offers, and creative promotions,” highlighted PENN (PENN) Chief Technology Officer Aaron LaBerge.
Shares of PENN Entertainment (PENN) edge 0.7% higher in afternoon trading. The gaming stock is down more than 24% on a year-to-date basis.