theScore sees revenue for 2020 fiscal year drop 33%

By Iqbal Johal

TheScore Media and Gaming has reported a 33% year-on-year revenue drop for its theScore sportsbook during the 2020 fiscal year, reflecting the disruption of the sporting calendar.

Total revenue for the 12 months ending 31 August fell to CA$20.7m (US$15.5m), with the Canadian-based operator citing the decline to the cancellation and suspension of live sport from March, due to the coronavirus pandemic.

As a result, gross gaming revenue (GGR) was down to CA$253,000 for the period, but when accounting for promotional costs and fair value adjustments on unsettled bets, this actually resulted in negative net gaming revenue (NGR) of CA$1.4m.

EBITDA loss for the 12 months was CA$30.5m compared to a loss of CA$6.5m the previous year, while gaming handle came in at CA$41.5m. Net loss was up to CA$37.9m, from CA$9.4m in 2019.

In terms of Q4, total revenue fell by 61% down to CA$2.5m, while GGR was negative CA$0.5m. Gaming handle for the period was CA$14.8m.

Since the reported period, the operator said total gaming handle for its theScore Bet app is up “more than 500% year-on-year in September”, in a month which saw all four major US sports leagues – NBA, MLB, NHL, NFL - in action.

September also saw the operator expand its mobile sportsbook with launches in Colorado and Indiana, expecting to launch theScore Bet in Iowa early next year.

Founder and CEO of theScore John Levy, said: “We are in a strong position to build on this momentum throughout F2021, further leveraging the power of media and gaming, bringing theScore Bet to more states, and exploring opportunities to add to our existing market access footprint.”

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