theScore reports record F2021 Q2 financial results

Total revenue for Q2 F2021 was $5.6 million, with record Q2 media revenue partially offset by negative net gaming revenue of $2.4 million. Media revenue in the quarter was $8 million, compared to $6.8 million for the same period last year, representing a 17% year-over-year increase. - (Full report)

EBITDA loss in Q2 F2021 was $12.9 million compared to an EBITDA loss of $8.6 million for the same period last year. This was primarily the result of additional expenses incurred in connection with the ongoing expansion of the Company’s gaming operations and costs and professional service fees related to the recently completed U.S. initial public offering.

Second quarter handle of $81.6 million on theScore Bet grew 491% year-over-year and 46% over the first quarter. The company also recorded its highest-ever second quarter media revenue, with 17% year-over-year growth driven by the compelling content as well as its outstanding North American reach and audience engagement.

“We achieved record gaming handle and another quarter of solid media revenue growth in our fiscal 2021 second quarter. The strong second quarter results highlight theScore’s ongoing momentum and our users’ active, growing engagement with our mobile offerings,” said John Levy, Chairman and CEO of theScore.

“Following the launch of theScore Bet in Iowa in mid-February, our mobile sports betting platform is now live in four states as our market rollout continues on schedule. We’re successfully building our user base and leveraging our media audience, while simultaneously welcoming new users to our platform as demonstrated by the year-over-year and quarterly sequential increases in gaming handle this quarter, including a nearly 200% increase in our New Jersey handle compared to the year-ago period. Through our recent agreement with Caesars Entertainment we now have sports betting market access in Illinois, the sixth most populous U.S. state.

He continued: “During the second quarter, we raised US$186.3 million of gross proceeds through our U.S. initial public offering which we intend to deploy towards the ongoing build out of our industry-unique integrated sports betting and media technology platform. The new capital provides additional resources to further execute on our strategies to integrate sports betting and content to drive deep user engagement and expand our market access. We will continue to enhance our media and betting ecosystem through investments in technology to further develop user personalization, unique betting offerings, and in-game prop bets, which are expected to be a significant driver of U.S. sports betting growth. At the same time, we are working to expand our access into new U.S. states while continuing our preparations for the anticipated legalization of single-game sports wagering in Canada.

Note: The Company reports its financial results in Canadian dollars, unless otherwise indicated.