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Score Media and Gaming Inc. announces the acquisition by Penn National Gaming, Inc. approved by the Supreme Court of British Columbia. The acquisition, expected to close on
Score Media and Gaming Inc. has announced that it has received overwhelming shareholder approval for its acquisition by Penn National Gaming through a Plan of Arrangement. At a special meeting held on October 12, 2021, 99.96% of Class A Subordinate Voting Shares and Special Voting Shares voted in favor of the deal. The acquisition is expected to finalize by October 19, 2021, contingent on receiving a final court order and meeting other closing conditions. This strategic move positions theScore to enhance its digital media and sports betting offerings.
Score Media and Gaming Inc. (NASDAQ: SCR) announces that Penn National Gaming has secured approval from the Minister of Canadian Heritage for its planned acquisition of theScore. The acquisition is set to close on October 19, 2021, contingent on shareholder approval and other conditions. A special meeting for shareholders will occur on October 12, 2021, where they can participate virtually. TheScore's digital media and sports betting products are influential in North America, while Penn National boasts a robust gaming portfolio across multiple states.
Score Media and Gaming Inc. (TSX: SCR; Nasdaq: SCR) announced a multi-year partnership with Golf Canada, making theScore Bet its first Official Gaming Partner. This agreement gives theScore Bet exclusive rights to engage at Canada’s National Open Golf Championships, including the RBC Canadian Open and CP Women’s Open. The partnership allows for on-site activations and digital engagement through Golf Canada’s channels, starting in 2022. The RBC Canadian Open will take place in Ontario for three consecutive years, providing ample opportunity for fan interaction.
Score Media and Gaming Inc. (TSX: SCR; NASDAQ: SCR) has signed a lease for an 80,000-square-foot space in the Waterfront Innovation Centre in Toronto, occupying over 85% of The Exchange building. This move supports the company’s growth and expansion, particularly ahead of the Canadian online sports betting rollout. CEO John Levy emphasized the opportunity for collaboration in a technology-driven environment. The building, part of a state-of-the-art complex, boasts high-speed broadband and extensive collaborative spaces, reflecting Score's commitment to innovation and workforce support.
Penn National Gaming has announced its acquisition of Score Media and Gaming for approximately US$2.0 billion in a cash and stock deal. TheScore shareholders will receive US$17.00 in cash plus 0.2398 shares of Penn National for each share held, totaling US$34.00 per share. The agreement aims to enhance Penn National's digital media and sports betting capabilities and is expected to close in Q1 2022. The transaction is projected to generate over $200 million in adjusted EBITDA by Year 2 and up to $500 million in long-term upside, leveraging theScore's technology and user analytics.
Score Media and Gaming Inc. (TSX: SCR; NASDAQ: SCR) reported Q3 F2021 results with media revenue hitting a record $8.9 million, up 270% year-over-year. The company's gaming handle reached $73 million, showing strong growth, particularly in March 2021 with $30.8 million wagered. The legalization of single-event sports betting in Canada and anticipated expansion into new U.S. states position theScore favorably for long-term growth. However, the EBITDA loss widened to $21.1 million, attributed to increased operational expenses and costs associated with the recent U.S. IPO.
Score Media and Gaming Inc. (TSX: SCR; NASDAQ: SCR) will release its Q3 F2021 financial results on July 13, 2021, after 5:00 p.m. ET. The company will also host a conference call at 5:30 p.m. ET to discuss the results followed by a Q&A session.
TheScore's media app is popular in North America, providing live scores, news, and betting information. Its sports betting app, ‘theScore Bet,’ operates in various states, including New Jersey and Colorado, enhancing user engagement through digital content.
Score Media and Gaming Inc. (TSX: SCR; NASDAQ: SCR) announced the Senate of Canada's passing of Bill C-218, legalizing single event sports betting. This legislation allows Score to enhance its sports media and betting business, particularly in Ontario, where significant market potential of US$1.7 billion to US$2.1 billion in annual gross gaming revenue is anticipated. With 3.75 million users annually in Canada, theScore aims to leverage this opportunity through its mobile sportsbook, theScore Bet, enhancing consumer protections and creating job opportunities in the fast-evolving betting industry.
Score Media and Gaming Inc. (TSX: SCR; NASDAQ: SCR) announced the passing of Bill C-218 by the House of Commons, legalizing single-event sports betting in Canada. CEO John Levy praised the rapid progress of this legislation, which is expected to bolster the Canadian online gaming market, estimated to reach between US$3.8 billion and US$5.4 billion in annual gross gaming revenue. The Company is optimistic about the Senate's swift endorsement of the Bill and recognizes MP Kevin Waugh's contributions to its success.
