Score Media and Gaming has taken an early lead in Ontario’s recently launched iGaming and Sports Betting market, according to analysts at Morgan Stanley scrutinized bettors’ most downloaded betting apps since the market went live on April 4, 2022.
Even though downloads do not necessarily mean customers are spending their money on that app, the report offers an early glimpse of the projections for the market and the competition among operators in a jurisdiction that is expected to generate nearly a billion dollars in gross revenue in its first year.
In a note to clients, Morgan Stanley analyst Thomas Allen wrote: “We now have roughly two weeks of Canada download data since the regulated market opened. theScore betting app has taken a very strong lead”, as the brand’s app accounted for 50% of overall sports betting downloads.
Bet365 received the second-most downloads at 36%, according to Morgan Stanley, followed by Betway with 5%. BetMGM and BetRivers each had a 3% share.
As reported by iGaming Ontario, a subsidiary of the Alcohol and Gaming Commission of Ontario (AGCO), more than 20 operators are registered and approved to operate in the jurisdiction, which resulted in a large number of partnerships announced between these companies and professional sports teams, leagues and major media organizations.
Morgan Stanley also found theScore’s download share peaked at 79% on April 4, before declining to about 30% on April 16. Meanwhile, Bet365 grew its share from 17% to 50% over the same period.
Allen wrote: “Given that not all major U.S. operators are live in the Ontario market yet, for example, DraftKings, we expect t see further dispersion of share over the coming months. However, taking first-mover advantage and getting customers on apps early has proven a successful strategy in most U.S. markets so far”.
Penn National Gaming acquired Score Media and Gaming following a $2 billion deal announced in August. The Toronto-based company recently struck a 10-year partnership with the Toronto Blue Jays that will give it a highly visible presence at games.
As reported by Yahoo Finance Canada, specialists such as Macquarie Capital’s Chad Beynon have predicted theScore Bet will have a 6.5% share of the Canadian market by 2030, taking into consideration that the company has a slim 1% share or less in U.S. markets where it is available, which are Colorado, Indiana, Iowa and New Jersey.