Despite pushing strong into the U.S. gaming markets Score Media and Gaming Inc. is closely monitoring the situation in its home Canada. The Chief Executive Officer of the company is highly optimistic that Ontario could lead the imminent gaming expansion as Bill C-218 has most recently received Royal Assent and it is inches away from being a law in the country.
Bill C-218 or also known as the Safe and Regulated Sports Betting Act has recently been passed by the Canadian Senate and has received Royal Assent. Now the legislation is awaiting its final legal process prior to materializing and providing provinces with the opportunity of offering to bet on individual sporting events with the exception of horse races.
Bright Future Ahead
In a recent interview, CEO of Score Media and Gaming Inc. John Levy expressed his optimism for the revolution of the Canadian gaming industry and Ontario in particular. Mr. Levy is hopeful that once the bill passes as law and single-sports betting is available the province’s gaming market could be equal to the fifth-largest jurisdiction in the U.S.
The company which is based in Toronto has been a big supporter and admirer of the notion to introduce single-sports betting in Canada. The gaming corporation has also pushed for a similar introduction in several states in the U.S. and it provides sports betting products in four states in the country. The company is also always looking into securing new jurisdiction and thus expanding its level of operations.
Mr. Levy continued by saying that while most companies are eyeing all the big states in the U.S. such as New York, Florida, and Texas, Ontario has the potential to be just as big as them for sports betting. The CEO believes that thanks to the company’s already great reputation and established connections, it is in a great position for the launch of single-sports betting in Canada.
Financial Results
A recent news release from the gaming company saw the release of its Q3 financial results for 2021. During the quarter the corporation managed to accumulate a record media revenue for a third quarter with an amount of CA$8.9, which is up by 270% to results from last year’s quarter and only 5% more than 2019’s third quarter.
The sports betting app generated CA$30.8 million in betting volume for March, which to this day is the biggest sports handle accumulated in a single month. Overall, the app has amounted to a total of CA$73 million for the whole third quarter of 2021. The company will also release its proprietary and internally-developed PAM and promotion engine approved by Gaming Laboratories International and applicable state gaming labs.
Prior to that, theScore released its financial statistics for the second quarter of the 2021 fiscal year. During the period the company managed to record a 491% increase in revenue growth in comparison to last year’s same period. For Q2 the corporation reported $186.3 million in gross proceeds through its US public offerings, and total revenue of CA$5.6 million.
Source: “Ont. poised to lead North American sports betting: Score Media CEO”, BNN Bloomberg, July 15, 2021
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