Penn National Gaming officially terminated the existence of theScore Bet in the US. The move streamlines the company’s vision of pushing users towards Barstool Sportsbook.
However, theScore Bet will continue to operate in Canada, where it has gained a large following. Roughly 80% of the app’s bettors also use the Score Media app, which allows customers to build bets before switching to the sportsbook app.
Much more value for theScore Bet in Canada than in the US
Canada has proven much more valuable than anything the app has generated in New Jersey. From December 2019 to February 2020, the brand took in just $10 million in bets, equating to 0.6% of total handle.
Score Media CEO Joh Levy told LSR that roughly three out of every four bettors originated from the Score Media app. TheScore debuted in New Jersey in September 2019, almost a year after most of the top NJ sportsbooks launched.
But the story is much different up North, where theScore Media app is the largest in the country.
Penn CEO Jay Snowden said, “[the app saw] high hundreds of first-time depositors and thousands of downloads every single day — all incremental to the first day.”
Penn seeing value in their acquisition
Following Penn Nationals’s acquisition of theScore, the company had this to say:
“Early results show the power of theScore’s integrated media and betting ecosystem to better engage and retain users; theScore Bet users with theScore media app compared to theScore Bet users who do not have theScore media app produce 88% higher handle/user, place 3x the number of bets/user, and generate a 91% increase in day 30 retention.”
In October 2021, Penn National spent $2 billion to acquire Score Media. Penn agreed to pay $17 in cash and 0.2398 $PENN shares for each share of Score Media. The deal equated to an 87% premium at the time of the agreement.
Currently, the Barstool Sportsbook app is live in eight states.
Additionally, Barstool-branded sports bars have opened in Chicago and Philadelphia.
First Canadian partnership
In April, theScore Bet announced a partnership with the Toronto Blue Jays (MLB). The deal was the first for both sides in terms of gambling partner and professional team sponsorship.
TheScore receives marketing rights as well as the chance to collaborate on a branded sports bar at Rogers Centre.
Following the deal, Levy said “theScore Bet is proudly Canadian and we are thrilled to make Canada’s baseball team our long-term partner.”
“This is a foundational partnership with a team and organization that is deeply embedded in our country’s sports culture. Teaming with the Blue Jays opens up exciting new exclusive marketing opportunities and brings theScore Bet even closer to a huge audience of passionate and engaged fans, both on-site at Rogers Centre and online across our platforms.”