theScore hails Q1 media revenue growth as betting handle soars
Revenue fell to CAD$8.5m (£5.3m/€6.0m/US$7.3m) for the three months to 30 November, 2020. This came despite its media division reporting record revenue of CAD$10.6m, up 15.2% from the prior year.
theScore Bet – which expanded into Colorado and Indiana during Q1 – posted a loss of CAD$2.0m for the quarter, however, on CAD$55.8m of stakes, a significant year-on-year jump. After player winnings, the operator generated gross gaming revenue of CAD$300,000, though net revenue swung to a loss after promotional costs and fair value adjustments on unsettled bets were factored in.
“We continue to deepen our market-leading media and betting integrations and achieved year-over-year handle growth of 535% on theScore Bet,” theScore founder and chief executive John Levy said.
“While still in the early stages of this fast-growing industry, we are steadily strengthening our expanding footprint in the North American sports betting market,” he said. “Now, following successful recent launches in Colorado and Indiana, we’re on track to launch in Iowa in the coming weeks, subject to regulatory approval.”
Costs rose for the quarter. Total operating expenses were up 25.5% to CAD$19.2m, with the business investing in its gaming expansion plans.