PENN reports ESPN BET digital loss of $333.8m in Q4
PENN Entertainment reported a $333.8m loss in its digital unit, which includes ESPN BET, for the fourth quarter. ESPN BET's monthly active users rose to 771,000 from 189,000 in Q3 after the company offered $250 in bonus bets to new users and former Barstool sportsbook customers. The report also reports that ESPN BET's market share fell from 11% in Q4 to 7% in January.
The reported loss and market-share decline indicate the financial and competitive impact of ESPN BET's promotional spending.