TheScore Wins Approval to Enter Scorching Hot New Jersey Sports Betting Market

Posted on: August 16, 2019, 11:37h. 

Last updated on: August 16, 2019, 06:11h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.

TheScore Inc., the Canadian provider of sports news and mobile wagering applications, said its Score Digital Sports Ventures unit landed initial approval to operate in New Jersey’s booming sports betting market.

The FanDuel sportsbook at the Meadowlands will get more competition as TheScore enters New Jersey. (Image: Forbes)

That approval, granted by the New Jersey Division of Gaming Enforcement (DGE), sets the stage for Score Digital Sports Ventures to offer internet and mobile sports wagering platforms in the Garden State.

This is a huge milestone and a result of the tireless hard work that has gone into getting our sportsbook ready for launch,” said TheScore CEO John Levy in a statement.

Toronto-based TheScore, which has a US office in New York, is planning a “soft launch” of its mobile sportsbook app with a “select group of sports bettors” in New Jersey over the coming days, with the aim of having the platform operational by the start of football season.

The company did not say if the app will be ready for the start of college football season or the National Football League (NFL). There are two NCAA games on Aug. 24, with the season commencing in earnest on Aug. 29. NFL regular season games start on Sept. 5.

Garden State Growth

TheScore’s foray into the New Jersey market comes amid impressive growth for the state’s physical casinos and online offerings. Last month, the state’s gaming properties posted gross gaming revenue of $334.3 million, a year-over-year increase of nearly 11 percent.

Through the end of July, New Jersey’s land-based casinos, internet and sports betting operators have hauled in GGR of $1.9 billion this year, a 23.2 percent surge over the comparable period in 2018.

In July, the state’s internet gaming win was $39.3 million, up from $25.9 million a year earlier. New Jersey’s sports betting haul in the seventh month of the year more than quadrupled to $17.9 million, up from $3.8 million last year, according to the DGE.

In May, New Jersey’s sports betting handle of $318.94 million was, for the first time, higher than Nevada’s, and some policymakers in the Garden State believe it’s just a matter of time before their sports handle exceeds the Silver State’s on an annual basis.

Highlighting TheScore’s desire to be a mobile player in New Jersey are data points indicating that as those offerings have proliferated in the state, bettors have widely embraced those platforms. By some estimates, roughly eight of every 10 sports wagers placed in the state over the past several months have been on computers or mobile devices.

Other Plans

New Jersey isn’t the only state where TheScore is looking to expand its presence. The company is one of several sports betting firms partnering with Penn National Gaming to expand sports wagering options across the U.S.

Under the terms of a 20-year contract with Penn National, TheScore is selling a 4.7 percent stake to the regional gaming company’s Penn Interactive Ventures (PIV) unit in exchange for running PIV’s sports betting platforms in 11 states.