- Canadian media business theScore prepares for launching its sportbook in the state of New Jersey
- The New Jersey Division of Gaming Enforcement have cleared the Canadian brand to launch for a select few
- If results are satisfactory, the New Jersey DGE is agreed to give approval for a full-scale launch
“We can’t wait to debut a best-in-class sports betting offering in New Jersey, delivering a truly unique and holistic sports media and wagering experience for fans.” said theScore founder and CEO John Levy.
A Holistic Sports Media and Wagering Experience
The Canadian media giant’s preparations to step in the sports betting market have been underway for a while now. Having engaged in partnership with American software developer and sports betting company Bet.Works, which will provide the software solutions for the sports book, theScore is promising a truly unique experience for punters, which will be provided under theScore.Bet brand.
Back in December 2018, theScore struck yet another US partnership for sub-licensing with Monmouth Park Racetrack operator Darby Development.
Now, the NJ Division of Gaming Enforcement has given a green light for what looks like a test run of the new offering, having selected a small group which will be used to assess the success rate of theScore’s offering. This release will become available in its limited edition within the next few days. Should it manage to meet expectations, the brand will be given the rights to proceed with a full-blown launch in the state of New Jersey. It is expected for this to become clear prior to the 2020 National Football League on 5 September.
CEO John Levy praised the tireless work of his team and partners, pointing out that the preparation of the sportsbook and its soon-to-be launch is a huge milestone for the brand.
Future Expansion in the United States
theScore has already set in motion plans for the further expansion of their sportsbook service in the US via an extensive market access agreement with Penn National Gaming.
As part of the 20-year agreement, PNG has taken an equity stake of 4.7% of theScore. The estimated value stands at approximately $7.5 million, which is to be used to cover the same amount in market access fees. The owed amount may vary in accordance with the degree of how wide-spread the operator becomes.
The 4.7% equity stake PNG acquired through private placement Class A shares. This has raised a total amount of $10 million, leaving $2.5 million for theScore’s further expansion in states which embrace the joyous spirit of placing a wager on the resolve of their favorite sports game.
If everything goes as planned theScore will be permitted to launch operations in Louisiana and Mississippi first, followed by Iowa, Indiana, Missouri, Ohio and Texas; and later to be seen in Kansas, Michigan, Maine and Massachusetts.