Stoolies rejoice. Penn National Gaming announced today the acquisition of Score Media and Gaming, a digital media and sports betting company, for $2 billion.
Representatives for Penn National Gaming, owners of Barstool Sportsbook and Barstool Sports, noted in a press release that the acquisition will position the company for a strong commitment to Canada, as theScore is the number one sports app in Canada.
“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. 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,” Jay Snowden, President and Chief Executive Officer of Penn National Gaming, said in a press release.
Penn National Gaming Positioning Itself for Canada Sports Betting
Canadian sports betting is expected to boom later this year after the Senate of Canada approved a bill last month to regulate and legalize single-game sports betting in the country. Single-game sports betting is expected to launch sometime in 2021.
“We are now uniquely positioned to seamlessly serve our customers with the most powerful ecosystem of sports, gaming and media in North America, ultimately creating a community that doesn’t currently exist. 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. We believe this powerful new flywheel will result in best-in-class engagement and retention,” Snowden said.
Dave Portnoy, founder and president of Barstool Sports, noted on Twitter that the company had long had theScore on its radar as a possible acquisition.
There is nobody else who does what they do. The Score was 1st company I tried to acquire when Chernin invested in us. Couldn’t afford it. It is the perfect compliment for us. Tech, market, mind space. We will control the entire ecosystem with their help from tech to media https://t.co/StvbbVCwJm
— Dave Portnoy (@stoolpresidente) August 5, 2021
theScore App Will Continue to Operate
Penn National will continue to operate theScore as a standalone business. The business will continue to use theScore app and brand.
Benjie Levy, president and chief operating officer of theScore, noted the deal allows the company to grow its presence in North America from its Canadian headquarters and capitalize on the “huge upcoming betting opportunity in our home country.”
“The transaction will provide theScore with immediate scale and resources, the benefits of which will enable employees to better execute on the combined companies’ business plan and deliver enhanced integrated product offerings to our customers,” Levy said in a release.
Penn National will fund the deal through cash and common stock.