TheScore Set to Stop Operations in the US Sports Betting Market
Score Media and Gaming has announced its decision to shut down its sports betting operations in the United States.
The new development comes nine months after Penn National Gaming acquired the sportsbook in a $2 billion deal. In preparation for the eventual shutdown, all theScore sports betting platforms in different U.S. states will stop accepting wagers on the 15th of June 2022.
Starting from this date, users will not be able to bet on the platform but will only be able to withdraw funds from their accounts. However, despite the shutdown, the media arm and sports betting operations of theScore in Ontario will continue to work.
Currently, theScore is active in four states of the U.S., including Indiana, Colorado, Iowa, and New Jersey. According to the company, the shutdown will grant Penn National the chance to focus on its other sports betting platform, Barstool sports.
The reasons why theScore is leaving the United States sports betting market cannot be separated from the overwhelming competition. The firm has struggled to establish itself in the U.S. market highly dominated by DraftKings and FanDuel.
However, as opposed to its failing results in the U.S., theScore is doing quite well and even dominating the local Ontario sports betting market that launched in April this year. To further cement its hold on the market, the company inked a long-term deal with the Toronto Blue Jays that will see it establish a branded sportsbook and bar at the Rogers Center.
Since Penn’s acquisition of theScore, the company’s plan has been to lead with Barstool sportsbook in the U.S., and theScore bet in Canada, given our strong brand equity there. With theScore bet launched and thriving in Ontario, and as we approach a major undertaking this summer with the launch of our proprietary risk and trading service, the timing is right to focus our U.S. efforts on marketing Barstool sportsbook and our Canadian efforts on marketing theScore bet.
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