TheScore Bet Handle Gets a Big Bump but Revenue disappoints

One of the favorite online sportsbooks in New Jersey, Canadian-based operator, TheScore Bet has reported a big increase in sports betting handle in their second quarter fiscal report, but the revenue numbers have left the company with a sour taste.

On the positive flip side, there is plenty of potential of growth for TheScore Bet as New Jersey and the U.S. online sports betting in general continues its inexorable march to becoming a mature sports wagering market like those in the United Kingdom, Europe and Australia.

How TheScore Bet Sportsbook numbers stacked up for Q2

 TheScore Bet online sportsbook has enjoyed record growth, but there is still plenty of room for improvement. Analyzing the financial highlights for the Canadian social media and gaming company, the second quarter (Q2) report of 2021 showed total revenue at $5.6 million, with a record media revenue partially offset by negative net gaming revenue of $2.4 million. Year-on-year analysis saw media revenue in Q2 2021 was $8 million compared to $6.8 million in 2020’s Q2, representing a 17% year-on-year increase.

The overall Q2 gaming handle was an impressive $81.6 million; however, gross gaming revenue was a slightly disappointing $0.4 million. Taking into account the cost of promotions for bettors, other advertising and the fair value adjustments on the sportsbook’s unsettled bets, TheScore recorded a negative net gaming revenue of $2.4 million.

John Levy, Chief Executive Officer of TheScore said, “We achieved record gaming handle and another quarter of solid media revenue growth in our fiscal 2021 second quarter. The strong second quarter results highlight TheScore’s ongoing momentum and our users’ active, growing engagement with our mobile offerings.”

“Second quarter handle of $81.6 million on theScore Bet grew 491% year-over-year and 46% over the first quarter. We also recorded our highest-ever second quarter media revenue, with 17% year-over-year growth driven by our compelling content as well as our outstanding North American reach and audience engagement,” Levy added.

TheScore Bet continues to grow its wings across the U.S. – Canada to follow?

With wagering on single-sports still illegal in Canada for the time being, theScore Bet continues to focus its growth opportunities on the U.S. states where legal online sports betting is offered. Already firmly entrenched as one of the Garden State’s most respected online sports betting platforms, theScore Bet has already launched in Colorado, Indiana and Iowa, with launches in Illinois, Virginia and Maryland reported to in the company’s sights. The growth led to TheScore’s stock being listed on the NASDAQ composite index in February, raising $186.3 million in capital.

“theScore is one of the few ways for investors to invest in a pure-play mobile sports betting operator with access to emerging opportunities in both the U.S. and Canada, and the only operator with unique and fully integrated sports media and sports betting ecosystem,” TheScore CEO Levy said.

In TheScore’s home nation of Canada, the company has thrown its vocal support behind Bill C-218, the national legislation that could potentially alter the Canadian Criminal Code to allow for provinces in Canada to permit wagers on select individual sporting events. As it currently stands, legal sports wagers in Canada must include at least two events, or in other words, parlay bets only for Canadians at the present time. Standalone horse races are the only single sporting event in Canada that can be bet on legally on.

Moving forward, it appears that the United States will continue to remain TheScore Bet’s focus for the short term at least. As the company continues its forward march in the Garden State, we look forward to seeing what kind of exciting initiatives and bettor promotions that TheScore Bet continues to dish up in New Jersey.

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