TheScore Set to Go Public As its NJ Online Casino Opening Approaches

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03/02/2021
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Canadian sportsbook operator Score Media and Gaming Inc takes a big step as it makes its presence known in the United States. The company commonly referred to as theScore recently announced an initial public offering. This will see it list its shares on the National Association of Securities Dealers Automated Quotations (Nasdaq) under the symbol “SCR”

This move is a wise decision for the company as it has already built a presence in the United States. The operator is already present in several states in the US including Colorado, Iowa, and Indiana. It has also made an appearance in New Jersey and would be expected to move to more states.

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According to the press release, the company is looking to offer five million Class A shares to investors in the US IPO. This might be the first time the company is making such an offer in the US market but this is not the first time it will be appearing on the Stock market.

The company is already publicly traded in Canada on the Toronto Stock Exchange under the same symbol.

“We believe a U.S. listing would benefit our business and shareholders as we seek to further execute on the growing opportunity in the rapidly developing North American sports betting market,” John Levy, founder, and CEO of theScore, said in a statement.

TheScore made a debut in the American market with the release of TheScoreBet app. This happened in 2019 in the Garden State. To acquire a spot among the already-established brands, the company had to partner with the Monmouth Park Racetrack through which it holds its operating license.

TheScore looks to expand its New Jersey footprint by breaking into the NJ online casino market sometime this year. This could be a truly bold move as the New Jersey market is becoming more competitive than ever.

Score Media and Bally’s Corp had announced an iGaming deal in 2020 though that would depend on State gaming regulators who will decide whether to approve or decline Score Media and Gaming for an online casino license. However, there are signs that things could turn out positive as state regulators look to expand NJ’s gaming market with the inclusion of more offers. Still, Score Media and Gaming would have to play their cards right if they are to beat other companies to the next online casino.

Just like theScore, other gaming companies have decided to offer public shares. While the current list does not include all of NJ’s offers, they join a growing list of online gambling brands.

Casino brands you will find in the list includes

Score Media is the latest company looking to capitalize on the growth of iGaming and sports betting in the US. It comes as no surprise that the company picked New Jersey which stands as one of the markets.

Due to the Covid-19 pandemic, the online gaming industry saw a surge in revenue as gamers looked beyond brick-and-mortar casinos and had to take their gaming online. Though casinos have slowly reopened, online options continued to increase.

Presently, revenue reports have shown that online gaming revenue covered a significant 35% of the total revenue for 2020. This year is expected to be even better as many casino brands ramp up their online offers to entice more gamers.

Score Media looks to beat the already established options and build a customer base that will stick.

According to Levy “TheScore is uniquely positioned to grow our footprint and capitalize on the expansion of legalized sports betting and iGaming across the U.S. and Canada.”

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