8 months after PNG's acquisition

theScore to shut down US sportsbook in July, shifts focus to Ontario and Barstool brand integration

2022-06-02
Reading time 1:17 min

Score Media and Gaming announced it will shut down its sportsbook in the United States on Canada Day, July 1, ending the Toronto-based brand’s growth strategy south of the border, eight months after theScore’s acquisition by Penn National Gaming aimed at growing market share in the North American sports betting market. 

TheScore Bet will stop accepting wagers in the US on June 15, after which users will only be able to conduct withdrawal transactions. The company’s media unit and wagering business in Ontario will not be affected. 

The company stated that the decision to shut down its US platform is aimed at shifting focus to its Barstool Sportsbook brand, where Penn has a 36% stake and the option to buy controlling ownership. 

As reported by Yahoo Finance Canada, theScore’s president and COO Benjie Levy said that since Penn’s acquisition of theScore, the company’s plan has been to lead with Barstool Sportsbook in the USA jurisdictions, and theScore Bet in Canada. 

“With theScore Bet launched and thriving in Ontario, 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 US efforts on marketing Barstool Sportsbook and our Canadian efforts on marketing theScore Bet”. 

TheScore Bet has been competing with sports betting giants like DraftKings in the US, and with a customer acquisition trend that involves marketing dollars and money loss, which was unsuitable for the company. 

However, theScore Bet has been steady in Ontario, where it has recently announced a 10-year deal with the Toronto Blue Jays, which includes plans for a branded sports bar at Rogers Centre. 

A report by Morgan Stanley released little after the market launch has shown that the company had an early lead in Ontario as the market opened for private competition, being the most downloaded app within the first month of operation.

 

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