theScore Applauds Passage by the Senate of Historic Legislation to Legalize Single Event Sports Betting in Canada
Bill C-218 Paves Way for Implementation of a Regulated Sports Betting Framework
TORONTO, June 22, 2021 - Score Media and Gaming Inc. (TSX: SCR; NASDAQ: SCR) (“theScore” or the “Company”) issued the following statement on the Senate of Canada’s passing of Bill C-218, An Act to Amend the Criminal Code, which will legalize single event sports betting in Canada. Bill C-218 is now eligible to receive Royal Assent and be proclaimed into force.
“The Senate’s passing of Bill C-218 earlier today is an historic moment for Canada as it will legalize single event sports betting,” said theScore Chairman and CEO, John Levy. “We thank MP Kevin Waugh and Senators David Wells and Brent Cotter for championing this Bill, which garnered strong all-party support through both the House of Commons and Senate. The passing of this important legislation allows theScore, along with our fellow stakeholders, to collectively usher in a robust industry that will drive business, technology innovation, employment and economic growth while providing a safe and trusted environment in which Canadians can wager on sports.
“The forthcoming legalization of single event sports betting presents a substantial growth opportunity for our integrated media and betting business. theScore is Canada’s leading digital sports media brand and we are eager to bring our award-winning mobile sportsbook, theScore Bet, to fans on our home turf. We have been actively preparing for the expansion of online sports betting and iGaming in our home province of Ontario, which is expected to commence later this year, and we are very favorably positioned to succeed given our mobile betting experience and vast active user base. Further, we are excited to broaden our relationship with the millions of loyal fans who already know, trust and engage with theScore app across Canada.
“Canadians will now be able to reap the numerous benefits resulting from a comprehensive, regulated sports betting framework that protects consumers, creates jobs and generates critical tax revenue. The passing of this legislation is momentous, and we are confident that Canada will embrace legal sports betting and become a leader in this rapidly developing and cutting- edge industry. We look forward to continuing our collaboration with the provinces to ensure the establishment of a safe marketplace that provides a suite of reliable and trusted options for consumers.”
The Canadian Market Opportunity + theScore
theScore estimates a market potential for online gaming in Canada of between US$4.3 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.
The province of Ontario is a market that would be equivalent to the fifth largest U.S. state by population. theScore estimates a market potential for online gaming in Ontario of between US$1.7 billion and US$2.1 billion in annual gross gaming revenue, based on historical data extrapolated from legal online gaming markets in the U.S. and globally.
theScore operates Canada’s leading mobile sports media app*. theScore app currently reaches approximately 3.75 million users annually in Canada, including 1.43 million in Ontario. Additionally, theScore media app is the *third most popular across North America.