John Levy quoted in TD webroker update summary 03:09 PM EST, 11/26/2020 (MT Newswires) -- Digital media and online betting company theScore (SCR.TO) was at last look up more than 20% and had gone close to 52 week highs in afternoon trade after the Federal Government proposed to legalize single-event sports wagering in Canada.
Companies such as Great Canadian Gaming Corp. (GC.TO) -- which has had to suspend operations at some facilities in recent weeks due to the pandemic -- may also benefit from the change. It was slightly higher at last look.
The proposed legislation, introduced on Thursday by David Lametti, Minister of Justice and Attorney General of Canada, would, if passed, amend the Criminal Code to decriminalize single event sport betting. The bill will allow provinces and territories to offer single event sport betting products in a regulated environment, either online or in physical facilities.
"Canadians deserve a modernized and regulated sports betting market and we commend the federal government for their efforts to legalize single-event wagering," said CEO John Levy. "There is now clear cross-party support and strong momentum to amend Canada's outdated federal laws and enable the legal sports betting market to flourish. As the leading mobile sports brand in Canada, we are eager to bring theScore Bet to our fans and offer them our best-in-class sports betting experience."
theScore estimates a market potential for online gaming in Canada of between US$3.8 billion and US$5.4 billion in annual gross gaming revenue, based on historical data extrapolated from legal online gaming markets in the U.S. and globally.
Close to 12.5 million Score shares have been traded so far.
Price: 1.00, Change: +0.21, Percent Change: +26.58