As of Tuesday after hours, shares of Score Media and Gaming Inc. (SCR) are trading at $25.95, up 6.88%. TheScore closed the regular session at $24.28 after adding 9.03%. SCR stock traded for 2.8 million shares, up from 0.56 million shares traded each day over the past 50 days.
Despite losing 12.83% in the last five days, the score has gained 70.63% in the last month. Since the beginning of the year, the stock price of SCR has gained 349.53%, and it has shed -10.47% over the past 3 months. As a result of the passage of single event sports betting legislation, SCR stock surged.
Legalization of single-game betting?
theScore is a leading provider of digital sports media in Canada. Founded in 1997, SCR is a cable television sports network that has gained a following for its authentic, innovative sports programming. SCR started its evolution into a technology-driven company that is mobile-first in 2005 when it launched its first sports media app.
‘the score is one of the most popular mobile sports media apps in North America today. theScore Bet, SCR’s mobile sportsbook, made history in September 2019 by becoming the first sportsbook in North America.
A statement from theScore announced that the Senate of Canada passed Bill C-218, An Act to Amend the Criminal Code, the legislation that will allow single event sports betting in Canada. It is now possible to receive Royal Assent and proclaim Bill C-218 into law.
Opportunities for SCR in Canadian market:
- SCR estimate that revenues from online gaming in Canada could reach between US$4.3 billion and US$5.4 billion annually based on historical data extrapolated from states with legal online gaming markets.
- Ontario has a population of roughly the same size as the fifth-largest state in the US.
- Taking historical data from market segments outside of the US and Canada into account, SCR estimates that online gaming revenue in Ontario could range from US$1.7 billion to US$2.1 billion annually.
- SCR operates the most popular mobile sports app in Canada.
- More than 3.75 million users access theScore app each year in Canada, including 1.43 million in Ontario.
- The SCR media application is also among the top 3 of the North American app charts.
theScore (SCR) Chairman and CEO, John Levy, declared that the Senate’s passage of Bill C-218 earlier today is a historic moment for Canada because it legalizes single event sports betting.
In SCR’s view, legislation such as this will provide a safe and trustworthy environment for Canadians to bet on sports, while also driving business, employment, technological innovation, and economic growth.
