Penn National acquiring theScore, planning betting platform
8/5/2021 3:38:53 PM EST
Penn National announced Thursday it will acquire Canadian sports media and betting company theScore for about $2 billion in cash and stock.
A Pennsylvania-based casino and racetrack operator, Penn National also owns a 36 percent stake in Barstool Sports and is now leaning further into the sports betting sector.
"We are thrilled to be acquiring theScore, which is the number one sports app in Canada and the third most popular sports app in all of North America," Penn National president and CEO Jay Snowden said in a statement. "theScore's unique media platform and modern, state-of-the art technology is a powerful complement to the reach of Barstool Sports and its popular personalities and content."
The deal reportedly is scheduled to close in the first quarter of 2022.
Originally a sports news app launched in 2007, theScore itself tested the betting market with a mobile sportsbook it started in the U.S. in 2019. Now it will be folded into Penn National's larger gaming push.
"Users will enjoy a unique mobile sports betting and icasino platform with highly customized bets and enhanced in-gaming wagering opportunities, along with highly engaging, personalized sports and entertainment content, and real time scores and stats," Snowden said. "We believe this powerful new flywheel will result in best-in-class engagement and retention."
--Field Level Media
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