Penn National completes $2 billion acquisition of theScore

thescore

Pennsylvania-based Penn National Gaming, an operator of casinos and racetracks, has completed its acquisition of Score Media and Gaming Inc. (theScore) for $2.4 billion CAD ($2 billion USD) in cash and stock.

The acquisition was first announced in August. theScore also recently scored a new office in downtown Toronto, leasing an 80,000 square foot space in the Waterfront Innovation Centre.

Founded in 2012 by John Levy, its current CEO and chairman, theScore is a publicly-traded sports betting and media company that provides sports news and statistics to users via its mobile app with over four million monthly users.

“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.”

Its sports betting app, theScore Bet, delivers an immersive and holistic mobile sports betting experience and is currently available to place wagers in New Jersey, Colorado, Indiana, and Iowa.

RELATED: theScore closes US IPO, raising $186 million USD

The gaming firm went public on the Nasdaq in March, raising $186.3 million USD in gross proceeds and becoming dually listed on that and the Toronto Stock Exchange (TSX).

theScore will operate independently as a result of the acquisition and continue to be led by Levy and his son Benjie Levy, who is its president and COO. According to Levy, the transaction will provide theScore with immediate resources “to better execute on the combined companies’ business plan and deliver enhanced integrated product offerings to our customers.”

RELATED: theScore to be acquired by Penn National Gaming for $2 billion USD

“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,” Levy added.

According to Penn National, the acquisition will also allow for better management of its technology stack to get greater control over its product development roadmap, reduced costs, and enhanced customer experience.

Penn National is an omnichannel provider of retail and online gaming, live racing, and sports betting entertainment. The company, which is traded on Nasdaq, owns 43 regional gaming properties across 20 states, operating under brands like Hollywood, Ameristar, and L’Auberge. Penn National also operates online social casino, bingo, and iCasino products, and owns a major stake in Barstool Sports.

“Adding theScore’s fully-integrated media and betting platform … will further strengthen Penn National’s existing ecosystem and ability to serve its customers,” Penn National said.

Charlize Alcaraz

Charlize Alcaraz

Charlize Alcaraz is a journalism student at Ryerson University and the business and technology editor at The Eyeopener, Ryerson's largest independent newspaper.