Score Media Closes Initial Public Offering And Plans For Future

Score Media and Gaming Inc SCR was quick to close its initial public offering in the U.S. after making its debut on Nasdaq this past Thursday.

What Happened: On Monday, Score Media announced 6,900,000 Class A shares were sold at a price of $27 per share, for total of $186.3 million gross proceeds.

Score Media plans to use the net proceeds for general corporate purposes and the “expansion of theScore Bet’s operations in the U.S. and Canada by supporting the multi-jurisdiction deployment and operation of theScore Bet and user acquisition and retention,” the company said in the press release.

Why It Matters: Score Media has been working to expand its market share across the U.S. and get a foothold in the Canadian Provinces as that country works to officially legalize single sports betting later this year.

Competing against Draftkings Inc DKNG and Penn National Gaming, Inc PENN, Score Media wants its sports betting app accessible to more customers and for it to continue growing as more states legalize. Currently the app is available in four U.S. states: New Jersey, Colorado, Indiana and Iowa.

What’s Next: Under an agreement with Penn National announced back in July 2019, Score Media plans to make its betting and iGaming applications available in nine more U.S. states where Penn National is operating casinos and racetracks: Louisiana, Mississippi, Missouri, Ohio, Texas, Michigan, Massachusetts, Maine and Kansas.

With the Canadian provinces aiming to fully legalize and roll out products prior to the start of the 2021 NFL season, Score Media is set to grow quickly across North America.

The future possibilities for this Canadian company haven't gone unnoticed as Dave Portnoy of Barstool Sports claims to have taken a $2.7 million position in the company on Feb. 12. 

(Photo: theScore)