Almost seven months after launching into Colorado’s newly-legalized sportsbetting market and Canadian digital media innovator Score Media and Gaming Incorporated has now reportedly revealed that it will be going public via a Nasdaq float.
According to a Tuesday report from The Globe and Mail newspaper, the Toronto-headquartered firm has filed preliminary listing documents with the American bourse and plans to offer up to five million initial shares at a price still to be determined. The source detailed that this action could bring in up to $180 million the company intends to exploit so as to help expand its sportsbetting offerings.
Rapid rise:
Score Media and Gaming Incorporated, which markets itself under the colloquial moniker ‘theScore,’ reportedly explained that it hopes to be able to significantly grow its presence across liberalizing sports wagering markets in the United States and Canada after earlier premiering its mobile-friendly ScoreBet online sportsbetting platform in New Jersey, Indiana, Iowa and Colorado. The enterprise purportedly moreover pronounced that this innovation already has some four million active monthly users and recently posted a swell of 535% year-on-year in aggregated fourth-quarter handle to around $55.8 million.
Legislative largess:
John Levy serves as the Chief Executive Officer for Score Media and Gaming Incorporated and he reportedly used a February 11 press release to declare that his firm is already listed on the Toronto Stock Exchange but feels that the Nasdaq float will better allow it to take advantage of the United States Supreme Court’s 2018 revocation of the Professional and Amateur Sports Protection Act (PASPA), which has so far allowed 24 American states to reform their laws on sportsbetting.
Reportedly read a statement from Levy…
“We believe a United States listing will benefit our business and shareholders as we seek to further execute on growing opportunities in the rapidly developing North American sportsbetting market. As the only fully integrated mobile sports media and gaming company in North America, ‘theScore’ is uniquely positioned to grow its footprint and capitalize on the expansion of legalized sportsbetting and iGaming across the United States and Canada.”
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