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Canada-based Score Media & Gaming may have just scored a game-winning touchdown. In an announcement made after markets closed yesterday, the company behind theScore and Score Bet sports gambling brands has launched an initial public offering (IPO) as it goes live on the Nasdaq Global Select Market (NGSM). The move follows on the heels of Canada’s preliminary approval of single-event sports wagers, which is expected to greatly benefit Score Media, and could quickly lead to the company’s stock price skyrocketing.
Score Media announced that it is selling five million shares, fewer than previously expected. The company had changed gears with its public launch, announcing last week a reverse split that would cut out some of the available shares while increasing the per-share price. It has already found support, with underwriters Canaccord Genuity, Credit Suisse, Macquarie Capital and Morgan Stanley able to purchase another 15% on top of the initial five million shares. Should they exercise that option, there would be a total of 5.75 million shares available. The underwriters have 30 days to make up their minds, which will give it time to see how the market reacts.
Several gaming entities have jumped into public trading recently, most notably, DraftKings. It saw a huge response when it launched its IPO last year, and Score Media hopes it can see a similar response. With operations in Canada, Colorado, Indiana and New Jersey, heavy interest is not out of the question, and the company is ready to capture a larger piece of the market. It added in its announcement, “[Score Media] currently expects that the net proceeds of the offering will be used to fund working capital and other general corporate purposes, including the continued growth and expansion of theScore Bet’s operations in the United States and Canada by supporting the multi-jurisdiction deployment and operation of theScore Bet and user acquisition and retention in jurisdictions where theScore is, or will be, operating.”
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When excluding all reported lottery activity, GGY increased to £13.2 billion, up 4.7% year-on-year.
Remote casino, betting, and bingo activity was the standout channel, generating £8.3 billion in GGY, a 6.9% year-on-year increase and accounting for approximately 63% of the non-lottery industry yield.
Online casino stood at £5.7 billion for the 12-month period, of which £4.8 billion was derived from slots. Remote betting came in at £2.4 billion, led by football (£1.2 billion) and horse racing (£769.3 million). Remote bingo GGY was at £147.8 million.
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“The timing is right. I will become chairman emeritus and remain a director. My son, Howard, will succeed me as chairman,” Buffett told investors. “The company is in excellent hands, and I look forward to remaining a shareholder alongside you.”
Since the landmark Supreme Court ruling in 2018 that allowed states to legalize sports betting, gambling has become increasingly intertwined with American culture.
Paired with the recent rise of prediction markets—which allow traders to stake money on everything from sporting events to pop culture outcomes—Americans are risking more money on casino-like activities than ever before.
