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theScore Preparing to Launch App in Ontario and 4 US States
Thanks to the recent legalisation of single-game sports betting in Canada, theScore has been one of various companies looking to involve itself in the country’s iGaming market. The Senate in Canada voted to pass Bill C-218 just a month or so ago, but this hasn’t stopped theScore from moving swiftly. The company has already placed three billboard advertisements along the Gardiner Expressway, found in Downtown Toronto. A placement has also been seen at Yonge-Dundas Square. This will doubtless bolster the Canadian gambling scene, with players already benefitting from some fantastic online casinos already.
The fact that the company also has its sights set on entering four more US markets in 2022 makes things even more appealing. It currently operates in four states at the moment, including both New Jersey and Colorado. Iowa and Indiana make up the other two locations where players can access theScore. Despite its progress so far though, it is a little bit behind when it comes to the US gambling scene.
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Ontario to Benefit from a Homegrown Product
The campaign that theScore began in Toronto was put together as a way of sharing the company’s excitement at bringing its mobile app to the area, as well as to enhance the excitement of sports bettors. Speaking of the passing of the aforementioned bill in Canada and the upcoming launch of his company in the country, Senior Vice President of Marketing and Content for theScore, Aubrey Levy said:
“The passing of Bill C-218 represents a milestone moment for Canada. We’ve been eagerly anticipating and preparing for the legalisation of single event sports betting, and now we’re excited to celebrate this moment in our hometown of Toronto”.
He finished off by explaining that his company cannot wait to launch in Ontario, giving “millions of theScore fans and users” the opportunity to be introduced to its mobile sports betting product.
Meanwhile, the CEO of the company expressed his own excitement once he informed analysts of theScore’s fiscal third-quarter earnings. He said, “With a large and passionate Canadian user base, strong brand identity, and experience operating a powerful mobile betting platform in the US, we are extremely well-positioned to succeed in Ontario, and across the country”.
He spoke of the province’s potential enormity when it comes to sports betting, labelling it as possibly being the largest regulated market within North America by population.
Earlier on in 2021, a report done by Deloitte Canada suggested that within five years of Canada’s single-game sports betting being legalised, it could expand from its current $500 million to around $28 billion!
Competition Will Be Tough
theScore isn’t the only company likely to enter into the Ontarian, and indeed Canadian, sports betting scene. It is likely to experience strong competition from well-established brands like DraftKings, BetMGM and FanDuel. In fact, within the markets that theScore currently operates in, the company only has a share of between half a percent and one percent, according to Macquarie analyst Chad Benyon.
Even though that is the case, theScore has already put out predictions for its growth south of the border in the next 12 months, expecting to at least double the number of markets it provides its services in. Of course, this doesn’t mean it won’t grab a large portion of the market in Canada too, considering it has already set the wheels in motion towards such. It has also estimated a market potential for online gaming in Canada that stands between $3.8 billion and $5.4 billion in gross gaming revenue annually.
You only need to take a look at the Barstool Sports app, which is leaps and bounds ahead of theScore, though. Backed by Penn National, Barstool already operates in locations like Pennsylvania and Illinois, and it already has additional U.S. states in mind where it will launch next – Indian and New Jersey (where high-quality online casinos and sportsbooks are already easily accessible). Not only that, but Barstool has New York in its sights as well. The same is true of other brands, including the BetMGM app and Fox Bet, which are taking the mobile betting sector by storm in the States.
That’s some tough competition for theScore to go up against, especially considering the company also needs to go through the politics of entering more U.S. states with an official licence in hand. Of course, while it waits to see if it can safely tackle other American states, the introduction of bill C-218 has given it a perfect opportunity in Canada, as noted. Figures suggest that Canadians place over $7 billion in illegal wagers at offshore sports betting sites, due to the fact that sports bets in the country are currently limited to horse racing. With single-game betting being introduced though, that will change.
theScore Has a Good Outlook
According to theScore, it managed to achieve an all-time record quarter at the beginning of 2021, where its media revenue is concerned. Reported figures stand at $10.6 million, and meanwhile, its stock was labelled as overperforming, according to Mr Benyon. He noted that theScore has plans to own its sportsbook technology, and this is something that could very well help with its long-term revenue growth. Speaking of the outlook for the company, he said:
“We believe this is important, particularly for a company like [theScore], which is able to curate the content, offer unique bets and deliver on in-play betting, which only accounts for 1%% of the US current market vs 75% in the UK. In addition, this strategy would also result in lower platform fees (15% of revenue), which should allow for faster margin ramp”.
That theory was backed up by Chris Lencheski, who operates as the chairman of the private equity consulting company Phoenicia. He spoke of very much liking the position of theScore, especially once Canada makes it to the online sphere with legal iGaming.
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