Canadian-based theScore recently received a huge investment from a multi-billion-dollar manager of investments. Fengate Asset Management has awarded theScore CAD $40 million to help the company develop their mobile sports betting applications. The investment, according to reports, will be purchased with an 8% interest rate annually, with the note maturing at the end of August in 2024. theScore is one of the first true sports media and entertainment companies to enter the sports betting arena. In August, theScore received approval from the New Jersey Division of Gaming to enter the state and offer a sports gaming app to players in the Garden State. And, according to company officials, they plan to expand their offerings to other locations in the future as well.
theScore is going to use the investment from Fengate Asset Management to build out their mobile media and gaming platform. Currently, the company has millions of unique users each month, which ranks theScore as having one of the most popular mobile betting applications in all of Canada. John Levy, the founder as well as the CEO of the company, said theScore is “focused on becoming a leader in mobile sports gaming in North America.” He continued to say the investment “significantly enhances our ability to execute on this plan.”
Following the company’s entry into the sports gambling market in New Jersey, theScore needed some money to invest in the platforms they plan to offer players. The company’s sportsbook will be powered by iGaming and Bet.Works, LLC, which will handle the technical aspects of the sportsbook application itself. Following the announcement of the investment, shares of theScore increased by 3.85% to CAD $0.81. In fact, theScore’s share price has risen a hefty 135% since the beginning of 2019, thanks in large part to their entry into the sports gambling market.
Like many other companies, theScore is pushing hard to enter the sports betting market because of how lucrative it is. When the U.S. Supreme Court overturned the federal law that prohibited sports gambling across the country, dozens of companies rushed to offer the services in the states that formally legalized it.
New Jersey was one of the first to do so, and those companies that made their way into the state have reaped the rewards. In just the first three months of this year, New Jersey reported there was $63.1 million in total gaming revenue just within the state. In a state that also has Las Vegas-like casinos in Atlantic City, it’s extremely telling that more than 8% of the total gaming revenues in the state goes to sports betting, especially since it’s been legal for less than a year. The company Zion Market Research projected that the sports betting market worldwide may reach up to $155.49 billion by 2024, with online sportsbooks fueling much of that enormous growth.
What are the deal details?
While their neighbors to the South have plowed ahead in allowing sports gambling, Canada has yet to take official action on the topic. Sports betting is allowed in the country, but operators must have a registered gambling license acquired from the government to do so. That isn’t too different than the laws in the U.S., but Canada hasn’t officially green-lit sports gambling in the country yet. Luckily, Canadian players aren’t prohibited from gambling at online sportsbooks that operate in other parts of the world. If you want to get in on the action, check out one of the online sportsbooks below.
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