Penn National Acquires theScore For Whopping (US)$2 Billion!
US gaming behemoth Penn National has just expanded its offering with the acquisition of Canada's top sports app provider, Score Media and Gaming Inc (theScore). Penn National's acquisition of theScore was finalised this week, with a whopping price tag of 2 billion USD in stocks and cash, according to a BusinessWire article.
It seems expectations are high as Ontario moves towards regulation of the online casino industry. Single-game sports betting was legalised in August, so the Ontario market has become an exciting new opportunity for some very big names in the gambling industry, both in Canada and south of the border.
Penn National Gaming Inc is one of the largest gambling companies in the USA, and provides services in live racing, sports betting, online gaming and land-based gaming venues. Based in Toronto, theScore has an enormous digital presence, with its sports app providing live scores, betting information and stats to millions of sports fans across North America.
"It is a truly exciting time to join Penn National and collaborate with their team to build a highly innovative and first-of-its-kind sports media and gaming company," theScore CEO John Levy said. "We believe the combined company is well-positioned to continue growing our business across North America, including the expected opening of sports betting and iGaming in Ontario later this year.”
The President and CEO of Penn National, Jay Snowden said, "We look forward to entering the Canadian gaming market, which represents a compelling new opportunity, and are proud to have John Levy and his family and their entire team bring their best-in-class technology, unique perspective and skill sets to our Penn National family."
When the regulation of the online casino industry is completed by the end of 2021, Penn National and theScore are poised to take their place among the best online casinos in Ontario. With its combined portfolio of sports and casino, as well as strong performance in mobile gaming courtesy of theScore's popular sports app, this combination will be hard to beat!