iGaming Ontario, a new government organization, will supervise internet gambling in Canada’s most populous province, Ottawa. The organization’s framework is anticipated to enable new kinds of betting before the end of the year.
Following the recent legalization of single-event sports betting, the firm is gearing up to accept bets and offer iGaming once the Ontario market opens later this year. By the next year, it plans to expand its app-based gaming business to at least four more U.S. states. theScore Bet’s total fiscal Q3 gaming handle was CAD 73 million, bolstered by March’s highest-ever betting handle.
Score Media and Gaming, a Toronto-based media and gaming company, has plans to launch its app-based online gambling platform in at least four more U.S. states over the next year, as it prepares to accept bets from Canadian sports fans for the first time.
theScore aims to use its digital sports media brand in Canada to grab a large portion of the long-awaited single-game betting industry in the country.
In Canada, the authorities passed legislation to allow wagering on individual hockey, football, and other sports events last month.
Chief Executive Officer John Lecy informed analysts:
We are very well-positioned to thrive in Ontario, and throughout the nation, with a big and enthusiastic Canadian user base, strong brand identification, and expertise operating a successful mobile betting platform in the United States
according to Yahoo! Finance Canada.
“Our home province of Ontario, which will be the most populous regulated sports betting market in North America when it opens later this year,” he said.
According to a study released at the beginning of the year by Deloitte Canada, Canadian sports betting could increase from $500 million in legal-market wagering to roughly $28 billion in five years after legalization.
Faced with tough competition from sports betting behemoths such as FanDuel, BetMGM, and DraftKings, theScore has launched its app-based sports betting platform in Colorado, New Jersey, Iowa, and Indiana.
“They presently have between half or one percent share of the markets in which they already operate,” according to Macquarie analyst Chad Beynon.
On Tuesday, theScore estimated that its number of markets south of the border would more than quadruple in the following year. For the three months completing on May 31, the company’s gaming handle, or the value of bets it handles in wagers, decreased to $73 million, down from $81.6 million the previous quarter. However, excitement in NCAA basketball drove a record month of bets in March, according to the firm.
For the third quarter, theScore reported $6.43 million in sales and a negative $21.1 million in adjusted profits before interest, taxes, and depreciation. Bloomberg surveyed analysts, who predicted $9.31 million in revenue and an adjusted EBITDA loss of $8.99 million.