theScore makes CAD$1.4m loss from betting in 2019-20
| By Daniel O'Boyle
theScore’s sportsbook product made a $1.4m loss in its first full year in operation, after accounting for bonuses and unsettled bets, with the the novel coronavirus (Covid-19) pandemic checking the product’s momentum during the period.
The business, comprising the sports betting and core media businesses, made CAD$20.7m ($15.5m) in revenue for the year ended 31 August, down 31.2% year-on-year.
However, the betting division of the business generated only $253,000 in gross gaming revenue in its first year of activity, on stakes of $41.3m. After taking into account promotional costs and the values of unsettled bets, theScore posted a loss of $1.4m from wagering operations.
theScore founder and chief executive John Levy said the betting division had been off to a strong start before the impact of Covid-19.