Penn National Gaming Issues Statement Following Announcement That Ontario’s Regulated Sports Betting and iGaming Market Will Open to Private Operators on April 4, 2022
January 28 2022 - 4:24PM
Business Wire
Penn National Gaming, Inc. (Nasdaq: PENN) (“Penn National” or
the “Company”) issued the following statements from President and
CEO Jay Snowden and theScore CEO John Levy after the Ontario
government’s announcement that the Province will officially open
the market for sports betting and iGaming to private operators on
April 4, 2022.
“Our team at theScore has been hard at work preparing for the
Ontario market opening, which presents a significant business
opportunity,” said Jay Snowden, President and CEO of Penn National.
“As Canada’s preeminent digital sports media brand, theScore is
uniquely positioned to capitalize on the introduction of the open
and regulated internet gaming market in Ontario, its home
territory. Launching theScore Bet in Ontario will mark an exciting
expansion of our online gaming business into a major new market
where we already have an established mobile sports media product in
theScore app and a wide base of loyal users. Today’s news is very
exciting, and I would like to recognize and congratulate the
government of Ontario and the AGCO and iGaming Ontario for their
dedication to creating a modern open and regulated sports betting
and iGaming market.”
“We commend the Ontario government for their tireless efforts
throughout this process and are thrilled to now have a confirmed
launch date,” said John Levy, CEO, theScore. “The AGCO and iGaming
Ontario have been thoughtful and collaborative in their approach to
creating and managing this new industry, and the result is a
soon-to-be-launched framework that will bring widespread benefits
to Ontarians and establish Ontario as one of the biggest and most
important regulated gaming markets in North America. We will be
ready to launch theScore Bet in Ontario on April 4 and could not be
more excited to finally offer our best-in-class mobile sports
betting and iGaming experience to customers in our home
province.”
Prior to offering sports betting and iGaming services in
Ontario, theScore Bet must satisfy all regulatory requirements
imposed by the AGCO and enter into a commercial agreement with
iGaming Ontario. theScore Bet previously announced that it received
Gaming Labs International certification for Ontario, evidencing
gaming platform compliance with the Registrar’s Standards for
Internet Gaming which satisfied a key pre-launch requirement.
About Penn National Gaming With the nation's largest and
most diversified regional gaming footprint, including 44 properties
across 20 states, Penn National is a highly innovative omni-channel
provider of retail and online gaming, live racing and sports
betting entertainment. Our wholly-owned interactive division, Penn
Interactive, operates retail sports betting across the Company's
portfolio, as well as online social casino, bingo, and iCasino
products. In February 2020, Penn National entered into a strategic
partnership with Barstool Sports, whereby Barstool is exclusively
promoting the Company's land-based and online casinos and sports
betting products, including the Barstool Sportsbook mobile app, to
its national audience. In addition, in October 2021, Penn National
acquired Score Media and Gaming, Inc. (“theScore”). Combined with
the power of Barstool Sports and theScore, Penn National has become
North America’s leading digital, entertainment, sports content,
gaming and technology company. The Company's omni-channel approach
is further bolstered by its mychoice loyalty program, which rewards
and recognizes its over 24 million members for their loyalty to
both retail and online gaming and sports betting products with the
most dynamic set of offers, experiences, and service levels in the
industry.
About theScore theScore, a wholly-owned subsidiary of
Penn National Gaming, empowers millions of sports fans through its
digital media and sports betting products. Its media app ‘theScore’
is one of the most popular in North America, delivering fans highly
personalized live scores, news, stats, and betting information from
their favorite teams, leagues, and players. theScore’s 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. theScore
also creates and distributes innovative digital content through its
web, social and esports platforms.
Forward-Looking Statements This press release contains
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements can be
identified by the use of forward-looking terminology such as
“expects,” “believes,” “estimates,” “projects,” “intends,” “plans,”
“goal,” “seeks,” “may,” “will,” “should,” or “anticipates” or the
negative or other variations of these or similar words, or by
discussions of future events, strategies or risks and
uncertainties. Specifically, forward-looking statements include,
but are not limited to, statements regarding the expected
commencement of regulated online iGaming and sports betting in the
Province of Ontario and theScore Bet’s offering of the same. Such
statements are all subject to risks, uncertainties and changes in
circumstances that could significantly affect the Company’s future
financial results and business. Accordingly, the Company cautions
that the forward-looking statements contained herein are qualified
by important factors that could cause actual results to differ
materially from those reflected by such statements. Such factors
include, but are not limited to: (a) the ongoing impact of the
COVID-19 pandemic on general economic conditions, capital markets,
unemployment, consumer spending and the Company’s liquidity,
financial condition, supply chain, operations and personnel; and
(b) other factors as discussed in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2020, subsequent
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K,
each as filed with the U.S. Securities and Exchange Commission. The
Company does not intend to update publicly any forward-looking
statements except as required by law. In light of these risks,
uncertainties and assumptions, the forward-looking events discussed
in this press release may not occur.
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version on businesswire.com: https://www.businesswire.com/news/home/20220128005530/en/
Eric Schippers Senior Vice President, Public Affairs Penn
National Gaming 610/373-2400
Dan Sabreen Vice President, Communications theScore 917-722-3888
ext. 706
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