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theScore Reports Record F2021 Q2 Financial Results

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theScore Reports Record F2021 Q2 Financial Results

 

Score Media and Gaming Inc. announced financial results for the three and six months ended February 28, 2021.

“We achieved record gaming handle and another quarter of solid media revenue growth in our fiscal 2021 second quarter. The strong second quarter results highlight theScore’s ongoing momentum and our users’ active, growing engagement with our mobile offerings,” said John Levy, Chairman and CEO of theScore. “Second quarter handle of $81.6 million on theScore Bet grew 491% year-over-year and 46% over the first quarter. We also recorded our highest-ever second quarter media revenue, with 17% year-over-year growth driven by our compelling content as well as our outstanding North American reach and audience engagement.

“Following the launch of theScore Bet in Iowa in mid-February, our mobile sports betting platform is now live in four states as our market rollout continues on schedule. We’re successfully building our user base and leveraging our media audience, while simultaneously welcoming new users to our platform as demonstrated by the year-over-year and quarterly sequential increases in gaming handle this quarter, including a nearly 200% increase in our New Jersey handle compared to the year-ago period. Through our recent agreement with Caesars Entertainment we now have sports betting market access in Illinois, the sixth most populous U.S. state.

“During the second quarter, we raised US$186.3 million of gross proceeds through our U.S. initial public offering which we intend to deploy towards the ongoing build out of our industry-unique integrated sports betting and media technology platform. The new capital provides additional resources to further execute on our strategies to integrate sports betting and content to drive deep user engagement and expand our market access. We will continue to enhance our media and betting ecosystem through investments in technology to further develop user personalization, unique betting offerings, and in-game prop bets, which are expected to be a significant driver of U.S. sports betting growth. At the same time, we are working to expand our access into new U.S. states while continuing our preparations for the anticipated legalization of single-game sports wagering in Canada.

“We are very encouraged by the recent momentum in support of Bill C-218, which would legalize single-game sports betting in Canada. Our popular brand and dominant Canadian market position will enable theScore to participate as a market leader in what is expected to be a very large addressable market, including in our home province of Ontario.

“Our unique combination of media and betting is a powerful differentiator in a growing marketplace. We intend to leverage our position as the only digital sports media company in North America that operates a sports betting platform to further grow our U.S. business and capture meaningful market share in Canada when the market opens. With our fully integrated sports media and betting experience and technology focus, we are perfectly positioned to efficiently acquire and engage new customers while driving strong customer loyalty and attractive margins which will help drive the long-term enhancement of shareholder value.”

Recent Highlights

Total Q2 F2021 gaming handle [1] on theScore Bet grew 491% year-over-year, reaching a record $81.6 million in the quarter.
Handle was up 46% compared to Q1 F2021.
Q2 New Jersey gaming handle grew 195% year-over-year.
Media revenue increased 17% year-over-year to $8 million, a second-quarter record.
In March, theScore completed a U.S. initial public offering and listed on the Nasdaq Global Select Market.
6.9 million Class A Shares were sold by the Company at US$27.00 per share, resulting in gross proceeds of US$186.3 million.
Prior to the U.S. public listing, the Company consolidated its outstanding Class A Shares on the basis of one new Class A Share for every ten outstanding Class A Shares; it also consolidated its special voting shares at the same ratio.
theScore Bet launched in Iowa in February, bringing the Company’s base of live U.S. sports betting states to four.
In March, the Company entered into an Illinois market access agreement with Caesars Entertainment for mobile sports betting.
In March, theScore Bet became an official betting operator of the PGA TOUR. The content and marketing relationship also makes theScore Bet the TOUR’s first official betting operator in Canada, pending the enactment of enabling legislation and regulation and receipt of all necessary regulatory approvals.
In December, the Company’s esports platforms served as the exclusive English language broadcast partner for the League of Legends’ Demacia Championship in China.
Audience Metrics

theScore achieved a Q2 record for engagement on its sports media app. User sessions rose 8% year-over-year in Q2 F2021 to 488 million with users opening the app an average of 125 times a month each. The Company had 3.9 million average monthly active users on theScore app.
theScore’s esports platforms registered 186.5 million total video views in Q2 F2021. An additional 99,600 YouTube subscribers were added during the period with total channel subscribers now exceeding 1.67 million.
​During Q2, theScore’s sports content across Twitter, Facebook, Instagram and TikTok achieved an average monthly reach of approximately 88 million. theScore’s TikTok account added approximately 456,000 new followers in Q2 F2021, with followers now exceeding 3.1 million.
Financial Results

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Total revenue for Q2 F2021 was $5.6 million, with record Q2 media revenue partially offset by negative net gaming revenue [3] of $2.4 million. Media revenue in the quarter was $8 million, compared to $6.8 million for the same period last year, representing a 17% year-over-year increase.

Gaming handle [1] was $81.6 million and gross gaming revenue [2] was $0.4 million in Q2 F2021. When taking into account promotional costs and fair value adjustments on unsettled bets, this resulted in negative net gaming revenue [3] of $2.4 million.

EBITDA loss in Q2 F2021 was $12.9 million compared to an EBITDA loss of $8.6 million for the same period last year. This was primarily the result of additional expenses incurred in connection with the ongoing expansion of the Company’s gaming operations and costs and professional service fees related to the recently completed U.S. initial public offering.

Financial Statements and Management’s Discussion and Analysis

The Company reports its financial results in Canadian dollars, unless otherwise indicated. Our unaudited condensed consolidated interim financial statements, accompanying notes, and Management’s Discussion & Analysis for the three and six months ended February 28, 2021 are prepared in accordance with International Financial Reporting Standards (“IFRS”) and are available on the Company’s Investor Relations page.

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BETBY STRENGTHENS LATAM PRESENCE THROUGH STRATEGIC PARTNERSHIP WITH CALÍMACO

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BETBY STRENGTHENS LATAM PRESENCE THROUGH STRATEGIC PARTNERSHIP WITH CALÍMACO

 

BETBY, an industry-leading sports betting provider, has announced a long-term partnership with Calímaco, a premium B2B sportsbook supplier with a strong foothold across Latin America. This collaboration aligns with BETBY’s expansion strategy in the LATAM market, reinforcing its commitment to delivering state-of-the-art sportsbook solutions in the region.

As part of the agreement, Calímaco will integrate BETBY’s award-winning sportsbook solution, including its proprietary esports feed BETBY Games, and comprehensive trading and risk management services. Additionally, by leveraging BETBY’s AI-driven technology, AI Labs, Calímaco’s partners will gain access to an unparalleled betting experience tailored to the needs of the LATAM market.

Known for its scalable and robust casino and lottery platform, Calímaco will significantly enhance its offering with an additional 300,000+ events, 8,000+ markets, 125+ sports, and 35+ esports provided by BETBY, cementing its position as a go-to supplier in the region’s competitive iGaming landscape.

Stefanos Karakidis, Head of Business Development at BETBY, commented: “We are excited to partner with Calímaco, a company that shares our vision for technological excellence and operator-focused innovation. Integrating our complete sportsbook solution into Calímaco’s platform will enable brands across LATAM to elevate their sports betting offerings and provide their users with an exceptional experience.”

Alejandro Serrano, Head of Business Development at Calímaco, added: “BETBY’s sportsbook technology is renowned for its flexibility, scalability, reliability, and comprehensive coverage. Incorporating their award-winning solution into our platform will empower our partners with world-class sports betting capabilities, further strengthening our presence in the Latin American market.”

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GLI® Names Sangeeta Reddy as Vice President, Innovation

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GLI® Names Sangeeta Reddy as Vice President, Innovation

 

To ensure the company keeps its global clients well ahead of the technology curve, Gaming Laboratories International (GLI®) has named Sangeeta Reddy as Vice President, Innovation. Previously, she served as Vice President of Engineering. Reddy will lead the company’s newly formed Innovation division.

“Technology is advancing at a breathtaking rate. Our mission at GLI is to advance with technology, while also constantly finding ways to do more to keep our clients informed and ahead of what’s next. In her new role, Sangeeta will continue to evolve our evaluation methodologies via her passion for R&D, her extensive experience both in and out of the gaming, and her strong academic background,” said President and CEO James R. Maida.

Reddy began her gaming industry career in 2001 as a PA Engineer at IGT, specializing in VLT, Slot games. She joined GLI in 2020. Prior to joining GLI, Reddy successfully managed Software QA and Development teams at Thomson Reuters and General Motors.

She holds a certificate from the Harvard Business Publishing’s Emerging Leaders program and a certificate in Associates Computer Information Systems. Her Postgraduate certification includes Chief Technology Officer Program, Business Analytics: From Data to Insights, and Driving Strategic Innovation: Leading Complex Initiatives for Impact from the Wharton School Aresty Institute of Executive Education and certifications in Cloud Computing, Artificial Intelligence and Machine Learning: Business Applications, Artificial Intelligence, and Data Science and Business Analytics from the Texas McCombs School of Business, Postgraduate Program.

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Conferences

Rubens Barrichello to Open SiGMA Americas 2025 with a Keynote Speech

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Rubens Barrichello to Open SiGMA Americas 2025 with a Keynote Speech

 

Legendary motorsport racer and SOFTSWISS’ Non-Executive Director in Latin America Rubens Barrichello is taking the stage at SiGMA Americas 2025 with an inspiring keynote speech on 8 April, the opening day of the summit.

This will be Barrichello’s first major public engagement as an official SOFTSWISS representative at SiGMA Americas. In his speech, he will spotlight his vision of racing and iGaming – two worlds defined by speed, precision and passion. Attendees can expect a unique view of how these seemingly distant industries are more connected than it may seem.

In his keynote, Barrichello will share insights that bridge his personal racing journey with the opportunities presented by SOFTSWISS. The speech will also cover the cultural and human elements of doing business in Latin America, and the importance of timing, connections, and adaptability to achieve long-term success in this booming market.

“Latin America is a unique region filled with pure energy, emotion, and drive,” said Rubens Barrichello, Non-Executive Director in Latin America at SOFTSWISS. “The iGaming industry here is moving so fast, that for me it’s like stepping into a new race. But instead of cars, it’s technology, competition, and innovation pushing the progress forward, just like in Formula 1. I can’t wait to speak at the SiGMA Americas Summit and share what it takes to grow business on this continent.”

Barrichello’s active public engagement highlights SOFTSWISS’ strategic expansion into Latin America, one of the fastest-growing iGaming markets in the world. The company has already established itself in the region through certification in Brazil and Peru for its Game Aggregator and Jackpot Aggregator. In addition, SOFTSWISS recently partnered with rising talent Eduardo Barrichello for the 2025 FIA World Endurance Championship.

Rubens Barrichello will also join the SOFTSWISS team at Stand M85, where attendees can book meetings and explore how SOFTSWISS helps partners drive success across Latin America.

 

About SOFTSWISS

SOFTSWISS is an international technology company with over 15 years of experience developing innovative solutions for the iGaming industry. SOFTSWISS holds a number of gaming licences and provides comprehensive software for managing iGaming projects. The company’s product portfolio includes the Online Casino Platform, the Game Aggregator with over 27,800 casino games, the Affilka Affiliate Platform, the Sportsbook software and the Jackpot Aggregator. In 2013, SOFTSWISS revolutionised the industry by introducing the world’s first Bitcoin-optimised online casino solution. The expert team counts over 2,000 employees.

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