TheScore is aiming to run up … the score.
First was the news that Canada is closer to legalizing single-event betting.
When and if that happens, theScore will become the major player in that sports betting market.
After all, the company’s roots are in Canada, and the sports fans there know the brand.
That wasn’t necessarily the case in the U.S.
After it’s initial launch in New Jersey, the app has since launched in Colorado, Indiana and Iowa.
Despite the fact theScore is the second-most popular digital media company in the U.S., most sports bettors didn’t know who the company was.
To an extent that is still the case, though it’s starting to change with the Colorado sports betting market.
At least in Canada, potential sports bettors know theScore.
As John Levy, CEO of theScore, said in the release:
“As Canada’s leading mobile sports media brand with a uniquely integrated sports betting platform, we look forward to collaborating with key stakeholders as the legislative process continues, to ensure that betting reform works for all Canadians and their communities.”
The release adds that theScore estimates a market potential for online gaming in Canada of up to $5.4 billion in annual gross gaming revenue. That is based on historical data extrapolated from legal online gaming markets in the U.S. and globally.
Welcome to Nasdaq
The other big push for theScore is in the U.S. stock market.
The company announced on Monday that it is headed to Nasdaq.
This represents theScore’s initial public offering in the United States. Earlier this month, the company’s board of directors and shareholders voted to move forward with a dual listing in the U.S. and Canada.
As LegalSportsReport points out, following that board of director’s vote, the company consolidated shares, issuing one share for every 10 outstanding.
Now, according to a press release, theScore will offer 6 million Class A shares for sale on Nasdaq. It was originally 5 million. They will be priced at $27 per share and trading opens on Thursday. The offering is expected to close on March 1.
The stock will continue to trade on the Toronto Stock Exchange (the “TSX”) under the symbol “SCR.”
What does this mean for Colorado sports betting?
Since the launch of the app here in early September and introduction of Bet Section in November, theScore has remained true to its identity.
It’s all about the user.
The introduction to Nasdaq will allow the company to build on that and help make the experience even better.
As the release notes:
The Company currently expects that the net proceeds of the offering will be used to fund working capital and other general corporate purposes. That includes the continued growth and expansion of theScore Bet’s operations in the United States and Canada by supporting the multi-jurisdiction deployment and operation of theScore Bet and user acquisition and retention in jurisdictions where theScore is, or will be, operating.
So while the focus is on the U.S. and Canada, Colorado could play a big role helping theScore run it up.
As Aubrey Levy, the VP of content for theScore, said to PlayColorado in December:
“I think Colorado is going to be a fantastic market for us. The name of the game for us is never to come to market, do the largest, loudest, splashiest media brand campaign or media blast. It’s to come in, understand how users are using our product and give them better and better experiences.
“I think over the course of the coming months to years, that experience of making their lives easier and simpler and supporting their fandom is only going to get better. From what I’m seeing in Colorado, there are some avid sports fans and some avid sports bettors there. I think it’s going to be a fantastic market for us (to) have a pretty meaningful position in.”