theScore Bet Exits United States Market
theScore Bet, Score Media and Gaming’s sportsbook app, will no longer be catering to customers in the United States. The Toronto-based firm has had difficulty adapting to the market for some time. As a result, its sports betting products are no longer going to be available in the states in which it has licenses to do business.
Nearly eight months have passed since Penn National Gaming purchased theScore for $2 billion in cash and shares. The aim was that this acquisition would help theScore get a foothold in the competitive North American sports betting sector. Due to the recently-announced decision, Penn National Gaming will now concentrate on its Barstool Sportsbook offering instead.
In part, the decision is attributable to some market leaders who have a substantial foothold in the sports betting market. They invest millions of dollars to gain an advantage, something that theScore wants to prevent at all costs it seems.
theScore Bet will not be taking any more bets after Canada Day on June 15, 2022, according to Score Media and Gaming. Its users will still make withdrawals from their accounts as usual. The company did not state or specify any deadlines.
For now, clients of theScore are not able to transfer their accounts or leftover balances to Barstool Sportsbook. No one knows yet whether Penn National will utilize any of the four states’ sports betting skins that theScore got as part of its market access deal. However, in places like Iowa, where theScore has partnered with Penn, the transition might be much easier.
Focus on Ontario
Since April, theScore Bet has been operating legally as part of Ontario’s regulated market for private gambling companies. After applying for and receiving a license from the Alcohol and Gaming Commission of Ontario, the firm has been able to legally provide its online sports betting product to customers in the Canadian province.
“This move enables us to maximize the value of both brands through our organic media and gaming approach. Key to our strategy is integrating theScore media app with Barstool Sportsbook, which we’re currently working towards. Bringing together theScore’s powerful mobile sports media platform with Barstool Sportsbook in a unified ecosystem, supported by our in-house technology and custom integrations, will strengthen the overall U.S. product offering and broaden its reach.” Benjie Levy, President and COO of theScore
According to a recent Morgan Stanley report, the app has gotten off to a strong start in the jurisdiction. It is anticipated that it will develop even further.