In this paper, we address the issue of co-existence of Bluetooth (BT) and Carrier Sense Multiple Access/Collision Avoidance (CSMAICA)-based Wireless Local Area Networks (WLANs) in the license free 2.4 GHz band. Specifically, the probabilistic treatment presented in the following investigates the effect of the slotted p-persistent CSMAICA system on a co-existing BT piconet. A closed-form expression for packet error probability (PEP) in BT as a function of CSMAICA parameters such as the persistence probability, probability of packet generation and the number of users is derived. The analytical model entails different BT packet types, frequency hopping guard time, and different traffic models in the BT piconet.