- Agreement with operator of New Jersey-based
Monmouth Park Racetrack provides theScore with market access to
offer online and mobile sports betting throughout the state
- Powered by cutting edge sports betting
platform from Bet.Works
- Planned launch in mid-2019, subject to
receipt of required regulatory approvals and licenses
theScore, Inc. (TSX Venture: SCR) (“theScore” or the “Company”)
today announced plans to launch a mobile sportsbook in the United
States in 2019 after securing market access through an official
licensing partnership with Darby Development LLC (Darby), the
operator of the Monmouth Park Racetrack in New Jersey and the New
Jersey Thoroughbred Horsemen’s Association (NJTHA).
This agreement paves the way for theScore to offer online and
mobile sports betting across New Jersey, subject to receiving all
required approvals and licenses from the State of New Jersey
Division of Gaming Enforcement (DGE) and the New Jersey Racing
Commission (NJRC). Subject to receipt of these approvals, theScore
anticipates rolling out its sports betting platform in New Jersey
in mid-2019. Sports fans can sign-up to receive updates on
theScore’s launch plans at www.theScore.bet.
“This is a significant moment for theScore, becoming the first
media company in North America to announce its plans to launch
online and mobile sports betting in the United States,” said John
Levy, Founder and CEO of theScore. “Sports betting has long been
part of our company DNA in how we’ve delivered content to fans.
Providing the ability to actually bet on games is the natural next
phase for theScore.
“With the rapid growth of mobile and in-game wagering, we are
perfectly positioned to deliver a unique and amazing sports betting
experience. Our large and engaged app audience spans every single
U.S. state and highly indexes with sports betting enthusiasts. We
can’t wait to bring a sports betting product to market and
capitalize on this exciting opportunity in New Jersey and other
regulated states.”
Dennis Drazin, CEO and Chairman of Darby Development LLC, is a
highly-experienced gaming operator and played an integral role in
the repeal of the Professional and Amateur Sports Protection Act of
1992 (PASPA), which largely prohibited sports betting across the
U.S. PASPA was repealed by the U.S. Supreme Court in May 2018,
allowing individual states to offer legalized, regulated sports
betting.
Drazin said: “theScore has one of the leading sports apps in
North America, a world-class reputation for mobile sports
development, and a large and highly-engaged audience. Combined with
Bet.Works’ best-in-class technology and their team of experienced
sports book operators that will power theScore’s digital sports
betting platform, we’re thrilled to welcome them to our exclusive
family of partners offering sports wagering in New Jersey.”
The agreement between Darby, the NJTHA and Score Digital Sports
Ventures Inc. (“Score”) provides that Score will be the operator of
a branded sportsbook pursuant to one of the sports wagering
licenses conferred upon the NJTHA by the DGE, subject to receipt of
all required regulatory approvals and licenses. Pursuant to the
agreement, Darby is entitled to a certain percentage of the revenue
derived from Score’s operation of the sportsbook, subject to
certain annual minimum guaranteed amounts as well as certain
upfront fees and renewal fees, if applicable. The agreement has a
term of up to fifteen years, consisting of an initial term of five
years, which is extendable for two successive five-year terms at
the option of Score.
In addition, Score has executed a binding term sheet with
Bet.Works (US) LLC, whose proprietary, cutting-edge sports betting
technology will power theScore’s online and mobile sports betting
platforms. Pursuant to the multi-year agreement, Bet.Works will be
the exclusive supplier of sportsbook and casino technology to
theScore in the United States and also provide certain operational
services to theScore to facilitate its sports betting
operations.
Bet.Works is a U.S. based igaming and sportsbook provider, with
a management team handpicked from among the most successful gaming
operators in the country. Bet.Works offers a flexible suite of
proprietary gaming solutions that uses some of the most advanced
technology in the market today. Coupled with a sophisticated
managed service offering, Bet.Works is uniquely positioned to
provide American based solutions to enterprise, tribal and regional
clients.
David Wang, Founder and CEO of Bet.Works said, “We are extremely
excited about working with theScore. They have a huge audience and
one of the most comprehensive sports apps on the market, providing
the connective tissue between hardcore sports fans and the teams
they love. We are confident the Bet.Works team can help theScore to
the forefront of mobile sports betting in New Jersey and
beyond.”
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
About theScore Inc.
theScore’s mission is to create highly-engaging digital products
and content that empower the sports fan’s experience. Its flagship
mobile app ‘theScore’ is one of the most popular multi-sport news
and data apps in North America, serving millions of fans a month.
The Company also creates innovative digital sports experiences
through its web, social and esports platforms. theScore is publicly
traded on the TSX Venture Exchange (SCR).
Forward-looking (safe harbour)
statement
Statements made in this news release that relate to future
plans, events or performances are forward-looking statements. Any
statement containing words such as "may", "would", "could", "will",
"believes", "plans", "anticipates", "estimates", "expects" or
"intends" and other similar statements which are not historical
facts contained in this release are forward-looking, and these
statements involve risks and uncertainties and are based on current
expectations. Such statements reflect theScore's current views with
respect to future events and are subject to certain risks,
uncertainties and assumptions. Many factors could cause the
Company's actual results, performance or achievements to be
materially different from any future results, performance or
achievements that may be expressed or implied by such forward
looking statements, including among other things, the receipt of
all required approvals and licenses from the DGE and NJRC and those
factors which are discussed under the heading "Risk Factors" in the
Company's Annual Information Form as filed with the TSX Venture
Exchange and available on SEDAR at www.sedar.com and elsewhere in
documents that theScore files from time to time with securities
regulatory authorities. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying the
forward-looking statements prove incorrect, actual results could
differ materially from the expectations expressed in these
forward-looking statements. The Company does not intend, and does
not assume any obligation, to update these forward-looking
statements except as required by applicable law or regulatory
requirements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181218005443/en/
James BiggtheScoreSr. Manager,
Communicationsjames.bigg@thescore.com647-638-9281
Elisa RichardsontheScoreManager, Media
Relationselisa.richardson@thescore.com646-901-8536
theScore Investor RelationstheScore.com
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