The news was broken by Canadian Business Gaming (CGB), with the workers told on Thursday last week that they were no longer required. 

“These changes reflect the ongoing evolution of our digital business,” a company spokesperson told CGB on Friday. “Under the leadership of key recent product and technology hires, we are structured to advance our online strategy and efficiently grow our business.”

PENN’s Focusing Away From Media, Towards Gambling Industry

PENN’s online strategy is to focus more on the sports betting and iGaming side of theScore as opposed to the media section.

The company recently launched theScore Casino in Ontario, and plans to expand its reach in Canada by launching in Alberta when the province opens up to regulated betting companies. 

Alberta will become Canada’s second province to have a regulated online gambling market. It follows Ontario, and is expected to launch next year. 

PENN decided to withdraw theScore Bet from the US market after acquiring the company.

Previously the platform had launched in four US states. First was New Jersey, followed by launches in Colorado, Indiana, and Iowa. Operations were officially closed in July 2022. 

Gambles Not Paying Off for PENN, Say Investors

PENN’s original $2 billion acquisition of theScore and subsequent decision to withdraw the platform from the US market has been heavily criticized by investors, along with other ventures into the gambling industry. 

Last year, William Wyatt, managing director of the investor Donerail Group, called the company’s strategy “misguided”.

This year, shareholder group HG Vora has also been outspoken in their disapproval of the company. It accused leaders of “value-destructive deal-making, reckless capital allocation and poor execution”. 

The group created a 116-page document outlining strategic failures, which have led to a 90% decline in the value of the company from 2021.

Among the failures is the $550 million acquisition of Barstool Sports. It was subsequently sold back to owner Dave Portnoy for $1. 

PENN decided to focus its US presence on Barstool rather than theScore. However, the platform struggled to obtain sports betting licenses in the US due to the Barstool’s image.

At the same time PENN announced the sale of the company back to Portnoy, it also reported a $2 billion investment in ESPN Bet. 

PENN launched its interactive division in 2023, encompassing theScore, ESPN Bet, and Hollywood Casino.

The division generated revenue of $960 million in 2024, up from $719 million in 2023. Despite revenue growth, annual losses increased from $403 million in 2023 to nearly $500 million in 2024.

HG Vora successfully installed two directors at last week’s annual shareholder meeting, but the market reaction remains muted. Time will tell whether the latest move to reduce staff at theScore pays dividends. 

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The firm noted its Canadian ambitions as it achieved registration as an internet gaming operator with the Alcohol and Gaming Commission of Ontario, an approval that John Levy, CEO at theScore, was “thrilled” to gain. 

He noted: “We’re thrilled to be one of the first operators to receive an internet gaming operator certificate of registration from the AGCO as we prepare for Ontario’s new regulated market.

“We’ve been and will continue to be at the forefront as regulated internet gaming is introduced in Ontario and are beyond excited to be able to bring theScore Bet to our home market on April 4. Finally, the countdown to launch has begun.”

theScore Bet was the first prospective operator in Ontario to secure Gaming Labs International certification for Ontario, evidencing gaming platform compliance with the Registrar’s Standards for Internet Gaming, as well as RG Check iGaming Accreditation from the Responsible Gambling Council. 

Prior to launching its internet gaming services on April 4, theScore Bet must satisfy all remaining regulatory requirements and execute an operating agreement with iGaming Ontario.

Following confirmation earlier this week from iGaming Ontario of the launch date of the province’s regulated igaming market, Levy commended the Ontario government’s “tireless efforts” throughout the progress.

He added: “The AGCO and iGaming Ontario have been thoughtful and collaborative in their approach to creating and managing this new industry, and the result is a soon-to-be-launched framework that will bring widespread benefits to Ontarians and establish Ontario as one of the biggest and most important regulated gaming markets in North America.

“We will be ready to launch theScore Bet in Ontario on April 4, and could not be more excited to finally offer our best-in-class mobile sports betting and igaming experience to customers in our home province.”

Penn National Gaming’s president and CEO Jay Snowden, also congratulated the Ontario government earlier this week for its “dedication” in creating a “modern open and regulated” sports betting and igaming market. 

He stated: “Our team at theScore has been hard at work preparing for the Ontario market opening, which presents a significant business opportunity.

“As Canada’s preeminent digital sports media brand, theScore is uniquely positioned to capitalise on the introduction of the open and regulated internet gaming market in Ontario, its home territory. 

“Launching theScore Bet in Ontario will mark an exciting expansion of our online gaming business into a major new market where we already have an established mobile sports media product in theScore app and a wide base of loyal users. 

“Today’s news is very exciting, and I would like to recognise and congratulate the government of Ontario, and the AGCO and iGaming Ontario for their dedication to creating a modern open and regulated sports betting and igaming market.”

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Originally expected to be operational in December, 2021, the launch will establish a new online gaming platform that is said to “help protect consumers and provide more choice”. 

From April 4, private gaming operators that have registered with the Alcohol and Gaming Commission of Ontario and have executed an operating agreement with iGO, a subsidiary of the AGCO, can begin to offer its games to players within the region. 

Martha Otton, iGO executive director, stated: “Consumers can be assured that companies who successfully enter the new Ontario market will have met rigorous standards of game and operator integrity, fairness, player protections and social responsibility, allowing all players to play with confidence.

“Prevention of underage access, ensuring compliance with applicable laws including anti-money laundering rules and regulations, and measures to enable more responsible gambling are just a few of the assurances consumers can expect in the new market as of April 4.

“Today, most internet gaming by Ontarians takes place on websites not conducted and managed by the province. Our new internet gaming market will give consumers enhanced entertainment choice, support the growth of a new, legal market and generate revenue that can help fund programmes and services that benefit all of us.”

Following the announcement of the new market dates, Penn National Gaming’s president and CEO Jay Snowden, congratulated the Ontario government for its “dedication” in creating a “modern open and regulated” sports betting and igaming market. 

He stated: “Our team at theScore has been hard at work preparing for the Ontario market opening, which presents a significant business opportunity.

“As Canada’s preeminent digital sports media brand, theScore is uniquely positioned to capitalise on the introduction of the open and regulated internet gaming market in Ontario, its home territory. 

“Launching theScore Bet in Ontario will mark an exciting expansion of our online gaming business into a major new market where we already have an established mobile sports media product in theScore app and a wide base of loyal users. 

“Today’s news is very exciting, and I would like to recognise and congratulate the government of Ontario, and the AGCO and iGaming Ontario for their dedication to creating a modern open and regulated sports betting and igaming market.”

Echoing the thoughts of Snowden, theScore’s CEO, John Levy, also commended the Ontario government’s “tireless efforts” throughout the progress. 

“The AGCO and iGaming Ontario have been thoughtful and collaborative in their approach to creating and managing this new industry, and the result is a soon-to-be-launched framework that will bring widespread benefits to Ontarians and establish Ontario as one of the biggest and most important regulated gaming markets in North America,” praised Levy. 

“We will be ready to launch theScore Bet in Ontario on April 4, and could not be more excited to finally offer our best-in-class mobile sports betting and iGaming experience to customers in our home province.”

Prior to offering sports betting and igaming services in Ontario, theScore Bet must satisfy all regulatory requirements imposed by the AGCO, and enter into a commercial agreement with iGaming Ontario. 

theScore Bet previously announced that it received Gaming Labs International certification for Ontario, evidencing gaming platform compliance with the Registrar’s Standards for Internet Gaming which satisfied a key pre-launch requirement.

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Subject to approval by theScore’s shareholders at a special meeting, the receipt of a final order from the Supreme Court of British Columbia, and satisfaction or waiver of the other conditions to closing contained in the arrangement agreement with Penn National, the arrangement is expected to close on October 19, 2021. 

The special meeting is scheduled for October 12, which will be conducted via live audio webcast online. During this, shareholders will be able to hear the meeting live, and registered shareholders and appointed proxy holders will be able to submit questions on procedural matters and cast a vote. 

In August of this year, Penn National Gaming entered into a definitive agreement to purchase Score Media and Gaming for approximately $2bn in cash and stock. 

As part of the acquisition agreement, Score shareholders will receive $17 in cash and 0.2398 shares of PNG common stock for each share, a total purchase consideration of $34 per each based on a five-day volume weighted average trading price as of July 30, 2021. 

At the time of the definitive agreement, Jay Snowden, president and CEO of Penn National, noted: “We are thrilled to be acquiring theScore, which is the number one sports app in Canada and the third most popular sports app in all of North America.

“theScore’s unique media platform and modern, state-of-the art technology is a powerful complement to the reach of Barstool Sports and its popular personalities and content.

“We are now uniquely positioned to seamlessly serve our customers with the most powerful ecosystem of sports, gaming and media in North America, ultimately creating a community that doesn’t currently exist.

“Users will enjoy a unique mobile sports betting and icasino platform with highly customised bets and enhanced in-gaming wagering opportunities, along with highly engaging, personalised sports and entertainment content, and real time scores and stats.”

The transaction has been unanimously approved by the boards of directors of both companies and is currently expected to close in the first quarter of 2022. 

Upon completion, current PNG and Score shareholders will hold approximately 93 per cent and seven per cent, respectively, of the company’s outstanding shares. 

It was also confirmed that theScore will continue to be operated as a stand-alone business and led by the Levy family “with the same operating philosophy that has driven the company’s success to date”.

The post Penn National gains Canada Act Approval for theScore acquisition appeared first on CasinoBeats.

The collaboration between the two, which will run until 2022, will see the Toronto-based company’s theScore Bet brand become a sponsor of the National Open Golf Championship an event consisting of the CP Women’s Open and the RBC Canadian Open.

“We are thrilled to welcome theScore Bet as Golf Canada’s first Official Gaming Partner,” noted John Sibley, Golf Canada’s chief commercial officer. “theScore brand is already synonymous with sports coverage in Canada and we’re enthusiastic about the opportunity to team up to help build awareness for theScore Bet. 

“Through Golf Canada’s entertainment properties and channels, theScore Bet will have direct access to engage with our large membership of devout Canadian sports fans.”

As the exclusive gaming partner of the events, theScore Bet will engage with fans using on-site activations, including the creation of members club experiences for its customers and digital activations through both Golf Canada and the tournaments channels.

The RBC Canadian Open and CP Women’s Open will be held in Ontario in 2022, whilst the next editions of the RBC Canadian Open are scheduled for 2023 and 2024 in the Greater Toronto Area.

“We are proud to be Golf Canada’s first ever gaming partner and align theScore Bet with their organisation and Canada’s marquee professional men’s and women’s golf events,” said Aubrey Levy, senior vice president of content and marketing, theScore. 

“This partnership provides us with highly engaging access points to introduce theScore Bet to a broad and endemic audience of golf fans. 

“With the RBC Canadian Open taking place in Ontario for all three years and the CP Women’s Open in the province for at least the coming year, it provides us an amazing foothold to interact with Canada’s passionate golf community around two of the most popular golf events in the country.”

Golf Canada’s partnership follows the legalisation of single event sports betting with the passage of Bill C-218 on 27 August 2021, with regulated online sports betting and igaming products becoming active in the province of Ontario later this year.

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As a result Kambi is to power the offerings across its portfolio of 40 gaming facilities in 19 US states, with multi-year agreements entered alongside operators DraftKings, PointsBet, theScore and The Stars Group.

Under the terms of the agreements, each skin partner will have the option to own, operate, and brand real-money online sports betting, poker, and casino offerings in certain stipulated regions, pursuant to a first, second or third skin, as applicable, and subject to license availability, state law, and regulatory approvals.

Legal sports betting is active or pending in eight jurisdictions where Penn operates, with bills filed across numerous other states where the firm has a land-based presence. 

Jon Kaplowitz, Penn’s vice president of interactive gaming, said of the deals with the quintet: “We’re pleased to be providing the top names in sports betting, igaming and poker access to our company’s non-primary licenses to conduct these operations in exchange for a combination of upfront cash and equity, one-time market access fees and ongoing revenue sharing.

“Sports betting represents an exciting new growth opportunity for Penn National. Our skin agreements announced today will help fund the cost of launching and maintaining our primary sports betting and igaming operations, both by way of the upfront consideration and the long term revenue sharing arrangements, which are consistent with industry standards and subject to minimum guarantees.

The first launches are due to take place in Q3 2019, with an initial focus placed upon Penn’s brick and mortar casinos in Iowa and Indiana, with online to follow in 2020.

Rafi Ashkenazi, CEO of The Stars Group, whose deal covers nine states and comes with a $12.5m upfront payment, commented; “We are excited to announce this agreement with Penn, a respected leader in the gaming and racing industry in the United States. 

“This agreement further extends our market access platform, as we work to establish our Fox Bet business as one of the leaders in the emerging US online betting and gaming market.”

Kristian Nylén, Kambi’s CEO, added: “Kambi’s strategy has always been to partner with tier one operators, particularly those that share our vision and passion for sports and sports wagering.

“In Penn National, we have found an ideal partner – one that is not only passionate about providing high quality sports wagering experiences to its customers, but a company that adheres to the highest level of ethical business standards.”

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Set to push the federal government to allow betting on single-game sporting events, which is currently prohibited in the country’s criminal code, it is also stressed that the region wishes to open up its online gambling opportunities, a marketplace that is currently maintained and regulated by the Ontario Lottery and Gaming Commission.

The CGA comments that Ontarians currently have an outlay of over $500m per year gambling with offshore sites, and applauds a commitment to create a “competitive market for online legal gambling that will reflect consumer choice while protecting consumers who play on these sites”.

Consultation is set to proceed alongside industry stakeholders, with the CGA, who is to participate in discussion, emphasising that it shares Ontario’s commitment to develop a market that reflects consumers preferences, delivers an entertaining gaming experience, and ensures appropriate safeguards are available.

“We have seen significant growth in the amount of wagering with offshore websites, and we welcome the move to create a regulatory system for offshore sites to better protect consumers,” commented Paul Burns, president and CEO of the CGA.

Before also thanking finance minister Vic Fedeli for the Ontario government’s ongoing pressure on the federal government to amend the criminal code to permit single-event wagering: “We share the Minister’s view that it’s time to end the gambling prohibition era, and allow sports bettors access to the product they want,” added Burns.

This latest manoeuvre has also been welcomed by theScore, whose founder and CEO John Levy explained: “theScore has always embraced the fact that sports betting is part of the overall fan experience, and it is finally time for jurisdictions across Canada to adopt common sense sports betting regulation.

“We applaud the Ontario government for taking this very significant first step. As we prepare for the launch of our sportsbook in the United States, we intend to actively participate in the Ontario government’s consultation process.

“theScore is already a highly-recognised brand in Canadian mobile sports, and the most popular mobile sports app in the country. We’ll be ready to provide Canadian fans with a best-in-class mobile sports betting experience when the opportunity arises.”

In the current government’s first budget, it was also revealed that Ontario casinos are also set to be permitted to advertise free alcohol for gamblers.

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Coming complete with in excess of 12 years of industry experience, in the new role Singleton is to be charged with managing the operations of Bet.Works with a focus on go-to-market strategy and operations, in addition to the delivery of the company’s omni-channel sports betting and igaming platform into existing and newly regulated jurisdictions across America.

David Wang, Bet.Works’ founder and chief executive officer, said of the new appointment: “Bet.Works is very pleased to have Quinton join our management team. He has been at the forefront of the US gaming industry for many years and significantly involved, specifically, in the legalisation and expansion of sports betting in the U.S.  

“Quinton’s experience will be tremendously valuable in accelerating the growth of Bet.Works into multiple existing and emerging regulated states.”  

Amongst previous executive experience across both operators and suppliers, is the development and implementation of Scientific Games’ strategic US sports betting roll out.

Furthermore, Singleton has also worked alongside legislators, regulators and trade associations to expand legalised sports wagering and igaming in the country, whilst also having professional experience as a certified public accountant and attorney, formerly with Deloitte and Lewis Roca Rothgerber Christie.

Singleton added: “Bet.Works is building an industry leading team to complement its market-leading technology and targeted rapid US expansion. Obtaining the first dual certification of GLI 19 and 33 standards was a key step to establishing our readiness for the US market, and we are looking forward to going live with theScore in New Jersey in 2019.”

This follows Bet.Works appointing ex-Sportradar US deputy president Laila Mintas as chairwoman of the company’s Advisory Board, stating that it’s “uniquely positioned to capitalise on the growth of the US sports betting industry”.

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