Skip to main content

Market Overview

Score Media And Gaming, Home Of theScore App, Debuts On Nasdaq: What You Need To Know

Share:
Score Media And Gaming, Home Of theScore App, Debuts On Nasdaq: What You Need To Know

With a new Wall Street listing, Score Media and Gaming Inc (NASDAQ: SCR) has come a long way since its inception 17 years ago.

What Happened: On Thursday, Score Media debuted on the Nasdaq, a big step for this once small Toronto-based company founded by John Levy’s family in 1994 under the name ScoreScope. 

The company initially broadcast alphanumeric texts of up-to-date sports scores on television in seven Canadian provinces.

Its rise to the Nasdaq happened quick: Score Media closed out 2020 trading at just CA$1.50 ($1.19), but due to catalysts on both sides of the border — and a 10-1 reverse split — the company opened its first trading day on the Nasdaq at $31.

Before landing on Nasdaq, Score Media launched its first app, theScore, in 2007. Available on both Android and iOS, this was Score Media’s first entry into the mobile app industry and offered customers real-time videos of major league sports, news, scores and stats.

In 2012, ScoreScope was purchased by its competitor, Rogers Communications Inc. (NYSE: RCI).

Levy, who was ScoreScope's chairman and CEO, retained all rights to the digital assets under the subsidiary Score Media, which he eventually grew into the iGaming- and sports betting-focused company it is today.

In December 2018, Score Media started the Score Bet with Darby Development LLC. It was the first mobile online sportsbook in the U.S. First available in New Jersey, Colorado and Indiana, Score Media then entered into a strategic agreement with Penn National Gaming Inc (NASDAQ: PENN) to obtain the rights to launch in an additional 11 states and recently added Iowa to the list.

Why It Matters: Score Media has an advantage in the sports betting sector with its long history in mobile sports apps.

As a Canadian-owned company, it is eager to take hold of the market share back home as well. This became a reality on Feb. 17 when the Canadian house of representatives passed Bill C-218, the last formal step in making single sports betting legal in Canada. Once the bill receives Royal Assent, which is expected to take place prior to the beginning of the NFL season this year, Score Media will be able to make its apps available to Canadian customers as the provinces work to roll out products.

What’s Next: With Score Media now trading on the Nasdaq, the company can reach more shareholders and further improve its brand engagement, putting it in direct competition with Penn National and Draftkings Inc (NASDAQ: DKNG).

Prior to its Nasdaq listing, Score Media was highlighted by Barstool Sports founder Dave Portnoy, who hinted Feb. 12 at it being a “quadruple bagger” and boasted that he had purchased $2.7 million worth of the stock under the company's OTC ticker.

Investor eyes will be on Score Media throughout 2021 as it gains entry into more states and the Canadian provinces and continues to expand its products.

(Photo courtesy of theScore.)

 

Related Articles (SCR)

View Comments and Join the Discussion!

Posted-In: gambling iGaming sports bettingNews Sports Top Stories Media General Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com