Penn National's theScore Will Go Live in Canada on April 4
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Penn National’s theScore news website, and theScore Bet wagering platform, are preparing to take part in the Ontario mobile sports betting launch on April 4, according to Penn National’s chief executive officer.
It was announced Thursday afternoon theScore Bet received Certificate of Registration as an Internet Gaming Operator from the Alcohol and Gaming Commission of Ontario.
In an earnings call with investors on Thursday, Penn National CEO Jay Snowden said the Canada online sports betting market will be “very competitive” and “highly lucrative.”
He added that the company’s Canadian properties are well-positioned to attract customers.
About 20% of Ontario residents already have Penn National’s sports-news app theScore on their phones, which will help acquire betting customers on theScore Bet, Snowden said.
Ontario Poised to be Massive Sports Betting Market
Last year, Canadian provinces were authorized to offer single-event sports betting. The launch of commercial online sports wagering was expected to occur in late 2021 but now is slated to begin April 4.
With about 15 million people, Ontario is Canada’s most populous province. If it were in the U.S., it would be the fifth most-populous state, Snowden noted.
The four most-populous U.S. states, in order, are California, Texas, Florida and New York. Of these, only New York has legal mobile sports betting.
theScore Shows Year-Over-Year Improvement
Toronto-based theScore has had a “strong media app performance as engagement continues to grow across our large and loyal user base,” Penn National announced in the fourth-quarter 2021 earnings call.
Users opened the theScore app an average of 143 times each month, up 22% year-over-year, the company noted.
Right now, theScore operates in four U.S. states, with no plans to expand into other U.S. jurisdictions, except as an integrated part of Barstool Sports, Snowden said. He added that this strategy might evolve.
Penn National plans to integrate theScore into Barstool’s operations for U.S. customers, Snowden said.
Penn National Set on 100% Ownership of Barstool
In the U.S., Penn National Gaming is in the process of taking complete ownership of Barstool Sports, Snowden said.
Penn National, a publicly traded casino company headquartered in Wyomissing, Pennsylvania, owns 36% of Barstool Sports but is going all-in on ownership.
“We look forward to being the owners of Barstool, 100%,” Snowden said during the earnings call.
Barstool, an online media company and bookmaker, was founded in 2003 by Massachusetts native Dave Portnoy, first as a print publication and then as a digital enterprise.
Barstool operates a website and mobile sports betting app. It also manages sportsbooks inside casinos across the country.
Snowden noted that Barstool is profitable, having seen its revenue grow by 150% over the last two years.
Louisiana Numbers Point to Barstool Sportsbook Successes
As an example of the Barstool’s successes, Snowden pointed to the Louisiana sports betting market.
The retail sportsbooks inside Penn National’s five Louisiana casinos captured 53% of gross gaming revenue in the state during the third quarter of 2021, according to the Penn National earnings presentation. In-person sports betting began Oct. 31 inside state-regulated casinos in Louisiana.
Mobile sports waging was launched in Louisiana last Friday. The Bayou State has become the 12th state where the Barstool Sportsbook app is operational, Snowden said.
‘Strong Balance Sheet’ Opens Penn National Growth Opportunities
During the call with investors, Snowden referred to an online earnings presentation showing the company’s 2021 fourth-quarter financial results.
Penn National’s revenues for the quarter were $1.6 billion, with a net income of $44.8 million, according to the slide presentation.
“Our strong balance sheet positions us to pursue growth opportunities and return capital to shareholders,” the presentation states.
Snowden also highlighted the company’s diversity and community involvement initiatives, including rewards programs for military veterans, active-duty personnel and first responders.
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