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Penn National Gaming to Acquire Score Media and Gaming, Creating North America’s Leading Digital Sports Content, Gaming and Technology Company

Transaction fortifies Penn National’s bespoke digital media and gaming strategy, creating a complete one-stop destination
Addition of theScore’s fully integrated betting and media platform into existing ecosystem will lead to best-in-class engagement and retention
Brings theScore’s cutting-edge technology in-house, providing Penn with full ownership of product roadmap
Establishes strong commitment to Canada; Levy Family will continue to oversee theScore, including workforce expansion and Ontario operations
Provides adjusted EBITDA accretion by Year 2, an incremental $200mm+ medium term adjusted EBITDA, and $500mm+ of incremental long term adjusted EBITDA upside
Penn National Gaming, Inc. and Score Media and Gaming, Inc. (TSX: SCR; Nasdaq: SCR) (“theScore”) announced today that they have entered into a definitive agreement whereby Penn National will acquire theScore, a leading digital media and sports betting and technology company, for approximately US$2.0 billion in cash and stock.
Under the terms of the agreement, theScore shareholders will receive US$17.00 in cash and 0.2398 shares of Penn National common stock for each theScore share, which implies a total purchase consideration of US$34.00 per theScore share based on Penn National’s 5-day volume weighted average trading price as of July 30, 2021. The transaction has been unanimously approved by the boards of directors of both companies and is currently expected to close in the first quarter of 2022. Upon completion of the transaction, current Penn National and theScore shareholders will hold approximately 93% and 7% respectively, of the Company’s outstanding shares. Penn National expects to fund the approximately US$1 billion cash portion of the consideration using existing cash on its balance sheet.
Jay Snowden, President and Chief Executive Officer of Penn National, commented, “We are thrilled to be acquiring theScore, which is the number one sports app in Canada and the third most popular sports app in all of North America. theScore’s unique media platform and modern, state-of-the art technology is a powerful complement to the reach of Barstool Sports and its popular personalities and content.”
Mr. Snowden continued, “We are now uniquely positioned to seamlessly serve our customers with the most powerful ecosystem of sports, gaming and media in North America, ultimately creating a community that doesn’t currently exist. Users will enjoy a unique mobile sports betting and iCasino platform with highly customized bets and enhanced in-gaming wagering opportunities, along with highly engaging, personalized sports and entertainment content, and real time scores and stats. We believe this powerful new flywheel will result in best-in-class engagement and retention.
“Importantly, the transaction provides us with a path to full control of our own tech stack. theScore has developed a state-of-the-art player account management system and is finalizing the development of an in-house managed risk and trading service platform. This should lead to significant savings in third party platform costs and allow us to broaden our product offerings – providing the missing piece for operating at what we expect to be industry leading margins. In addition to the synergies, we’ll be gaining access to theScore’s deep pool of product and engineering talent and data-driven user analytics which will help drive our customer acquisition, engagement, retention strategies and cash flows,” said Mr. Snowden.
“Operators that have achieved early online market share have done so primarily through first mover advantage, leveraging existing customer databases and significant marketing spend. We believe the long-term winners will be defined by best-in-class products, bespoke content, efficient customer acquisition, multi-platform reach and broad market access,” concluded Mr. Snowden.
John Levy, Chairman and Chief Executive Officer of theScore, commented, “This deal brings together two companies that share a vision for how media and gaming intersect, and we could not be more excited to join the Penn National family. I’m proud of theScore team and all of our accomplishments, and believe the time is right to take the next step and align with a company in Penn National with the resources and scale to accelerate our business. We are excited to join forces with Penn to form the most powerful media and gaming company in North America.
“We’ve built an innovative, technology-led integrated media and gaming business that has us poised for success across North America, including the highly anticipated upcoming rollout of commercial sports betting in Canada,” continued Mr. Levy. “With Penn’s support, we will continue to invest in building our Canadian operations, growing our footprint and expanding our workforce. On a personal note, Benjie and I are very much looking forward to continuing to head up theScore as part of the new combined company.
“We have been strategic partners with Penn National since 2019 and have come to realize that they have the same strong culture and appreciation for how to grow a business. Jay and his team have done a tremendous job building an exceptional retail business and online gaming platform in partnership with Barstool Sports and we are confident that by combining our leading sports media brand and proprietary technology, we will solidify Penn National as a market leader,” concluded Mr. Levy.
Jon Kaplowitz, Head of Penn Interactive, commented, “This is a significant milestone for Penn Interactive and Penn National. With the acquisition of theScore, we will have greater ability to innovate and offer a best-in-class product to our customers. Personally, I am excited to join forces with John, Benjie, and the rest of theScore team who have proven to be great partners and amazing thought leaders in our industry.”
Benjie Levy, President and Chief Operating Officer of theScore, commented, “The combination of theScore and Penn National creates a first-of-its-kind vertically integrated media and omni-channel gaming business, which brings together world-class technology, highly engaging sports content and unparalleled reach. With our accomplished team in place, this deal bolsters our ability to grow our already strong North American presence from our base in Canada and primes us even further to capitalize on the huge upcoming betting opportunity in our home country. Over time, we’ve built our loyal user base and relationship with fans by authentically delivering deeply personalized products. That is an approach that seamlessly fits with Penn’s current strategy and digital offerings and will provide for material long-term benefits as we collaborate to even more deeply integrate across our platforms.
“The transaction will provide theScore with immediate scale and resources, the benefits of which will enable employees to better execute on the combined companies’ business plan and deliver enhanced integrated product offerings to our customers,” continued Mr. Levy. “The transaction also provides theScore shareholders immediate liquidity at a substantial premium and an opportunity to participate in any future upside of the combined company.”
Compelling Strategic and Financial Benefits:
Penn National anticipates that the acquisition of theScore will provide adjusted EBITDA accretion by Year 2, an incremental $200mm+ medium term adjusted EBITDA, and $500mm+ of incremental long term adjusted EBITDA upside.
Bringing Technology In-House:
The acquisition of theScore will allow Penn National to better manage all critical aspects of its technology stack, leading to greater control over its product development roadmap, reduced costs, and an enhanced customer experience. It will also allow Penn National to drive margin expansion by eliminating fees and expenses currently being paid to third party technology and service providers.
Strong Commitment to Canada:
Penn National believes the Canadian gaming market represents a compelling opportunity for growth. Penn National intends to operate theScore as a stand-alone business, headquartered in an expanded Toronto office, that will continue to be led by the Levy family with the same operating philosophy that has driven the company’s success to date. The business will continue to utilize ‘theScore’ app and brand that consumers have come to trust.
Penn National was attracted to theScore, in part, for its ready access to a deep pool of Canadian engineering and technology expertise. Penn National expects to leverage Canada’s world class technology talent pool to expand theScore’s engineering and production workforce based in Ontario as the business scales.
Volumetric Cost Savings:
The transaction will create a further scaled North American sports, online gaming and media business. This broader reach will provide volumetric savings for content fees, payment expenses, and other services, including the elimination of public company costs.
Enhanced Customer Acquisition and Retention:
theScore is the third largest sports app in North America and number one in Canada, with highly engaged users spending 113 minutes per month in-app*. Early results show the power of theScore’s integrated media and betting ecosystem to better engage and retain users; theScore Bet users with theScore media app compared to theScore Bet users who do not have theScore media app produce 88% higher handle/user, place 3x the number of bets/user, and generate a 91% increase in day 30 retention**. This increased cross-promotion ecosystem between theScore and Barstool is expected to lead to higher revenue.
Expansion Into New Verticals:
This acquisition underscores Penn National’s focused, disciplined investment strategy which positions us at the epicenter of sports, media, gaming and technology and provides us with multiple channels for future growth. In addition, this transaction accelerates Penn National’s strategy to enter into other adjacencies that leverage the Barstool and theScore brands and consumer appeal, such as the highly coveted esports media vertical.
Financing:
Penn National will fund the acquisition through a mix of cash on hand and common stock. We expect the transaction, at the time of close, to be leverage neutral to our lease-adjusted net leverage of 4.0x as of June 30, 2021.
theScore Shareholder Support
Penn National has entered into voting support agreement with the directors of theScore, John Levy and Benjamin Levy, and Relay Ventures, a significant shareholder of theScore, under which they have agreed, subject to certain termination rights, to vote all of the theScore shares held by them in favor of the transaction, which represents in total approximately 30 percent of the existing voting shares of theScore.
Advisors
Goldman, Sachs & Co. LLC and Code Advisors LLC are acting as financial advisors and Wachtell, Lipton, Rosen & Katz and Blake, Cassels & Graydon LLP are acting as legal advisors to Penn National in connection with the transaction. Morgan Stanley & Co. LLC and Canaccord Genuity Group are acting as financial advisors and Paul, Weiss, Rifkind, Wharton & Garrison LLP and McCarthy Tétrault LLP are acting as legal advisors to theScore in connection with the transaction. Greenhill & Co. Canada, Ltd. is acting as independent financial advisor to theScore’s board of directors.
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CANJ Launches “Casinos United Against Hunger” Campaign

In an effort to address food insecurity in New Jersey, the Casino Association of New Jersey (CANJ) has launched the Casinos United Against Hunger campaign in partnership with the Community FoodBank of New Jersey (CFBNJ). Atlantic City casinos collectively are donating more than $170,000 to support CFBNJ’s mission.
“Ending hunger will take all of us stepping up to do more for our neighbors. Atlantic City casinos are coming together to form Casinos United Against Hunger, a new campaign dedicated to strengthening our efforts to combat food insecurity in New Jersey. By supporting important organizations like the Community FoodBank of New Jersey, we will help address hunger by providing meals to families throughout the state,” said Mark Giannantonio, president of the Casino Association of New Jersey.
The donation was presented at CFBNJ’s Night of 300,000 Meals on May 1, 2025, a culinary event that brings together local chefs, restaurants and community members to help provide 300,000 meals for neighbors in need. Chefs from Atlantic City casinos participated in the annual event.
“Atlantic County has some of the highest rates of food insecurity in the state. We’re grateful to the Casino Association of New Jersey for helping to honor the FoodBank’s 50th anniversary with their generous support and for uniting the Atlantic City casino community to help address hunger. Through this partnership, we can provide more meals to local families in need and make a lasting impact in the area,” said Elizabeth McCarthy, president & CEO of the Community FoodBank of New Jersey.
In addition to the CFBNJ’s 50th anniversary, the partnership between the CANJ and CFBNJ comes at an especially crucial time given the level of food insecurity in New Jersey. Nearly 1 million people in the state, including more than 260,000 children, are at risk of hunger. Atlantic County, home to Atlantic City’s casinos, has some of the highest rates of food insecurity in the state, with 12.2% of residents and 17.4% of children affected.
The casinos involved in the Casinos United Against Hunger initiative – Bally’s Atlantic City Casino Resort, Borgata Hotel Casino & Spa, Caesars Entertainment’s Atlantic City Resorts, Golden Nugget Atlantic City, Hard Rock Hotel & Casino Atlantic City, Ocean Casino Resort and Resorts Casino Hotel – are joining a long-standing tradition of support for CFBNJ. Many properties in Atlantic City are longtime supporters of CFBNJ, and this collective effort demonstrates their commitment to addressing this critical issue. Through this partnership, CFBNJ will be able to distribute more meals to families in need, especially in areas that are most impacted. The $170,000 donation is a total of all financial, grant and in-kind contributions from each Atlantic City casino to the CFBNJ this year.
Compliance Updates
MGCB cracks down on 13 illegal offshore gambling websites targeting state residents

Action aims to safeguard Michigan players from unregulated, high-risk gambling practices
The Michigan Gaming Control Board (MGCB) has taken swift and decisive action against 13 illegal offshore gambling websites, which were found to be unlawfully targeting Michigan residents. The websites in question—Captain Jack Casino, Casino Brango, Ducky Luck Casino, El Royale Casino, Jazz Casino, Jazz Sports Casino Racebook, Looselines, Planet 7 Casino, Red Dog Casino, Royal Oak Casino, Silver Oak Casino, Skybook, and Slots of Vegas—were operating without proper state licenses, in clear violation of Michigan law.
The operators of these sites, based in jurisdictions including Curaçao, Costa Rica, and the Autonomous Island of Anjouan, have been issued cease-and-desist orders by the MGCB. The action comes as part of ongoing efforts to protect Michigan’s residents from unregulated gambling practices and ensure the integrity of the state’s gaming industry.
Protecting Michigan Residents from Illegal Gambling Risks “These illegal gambling websites put Michigan residents at significant personal and financial risk,” said Henry Williams, Executive Director of the Michigan Gaming Control Board. “Our priority is to maintain a secure and regulated gaming environment. These websites not only violate Michigan’s laws but also engage in deceptive practices that endanger consumers, including withholding winnings and imposing unfair wagering requirements.”
The websites, which allowed Michigan players to gamble using a variety of payment methods—such as credit cards, PayPal, and cryptocurrencies—engaged in dishonest practices, such as restricting withdrawals and demanding players meet high, often unreasonable, wagering thresholds before accessing their funds. This leaves users vulnerable to financial exploitation and undermines the fairness of the gambling experience.
In addition to financial risks, these offshore operators do not meet Michigan’s standards for responsible gaming, consumer protection, or data security, putting users at further risk of fraud and identity theft.
A Strong Message to Offshore Operators
The MGCB’s action serves as a firm warning to illegal offshore operators attempting to skirt Michigan’s legal framework. The cease-and-desist letters instruct the operators to cease all unlawful activities within 14 days of receipt. If the operators fail to comply, the MGCB will work with the Michigan Attorney General’s Office to pursue legal action against these entities.
How Michigan Residents Can Protect Themselves
The MGCB strongly encourages Michigan residents to be vigilant and only engage with online gambling sites that are authorized and licensed by the State of Michigan. To assist players in identifying legal operators, the MGCB provides a list of approved platforms on its official website at Michigan.gov/MGCB.
Residents who suspect illegal gambling activity or who encounter suspicious online platforms are urged to report it immediately. Tips can be submitted by calling the MGCB hotline at 1-888-314-2682 or by emailing [email protected].
Commitment to Ensuring a Safe Gaming Environment
The Michigan Gaming Control Board remains unwavering in its commitment to preserving the integrity of Michigan’s gaming market. The MGCB continues to monitor the online gaming landscape closely to ensure all operators comply with state regulations and uphold the highest standards of consumer protection, fairness, and security.
“These relentless actions are part of our ongoing effort to provide a transparent and trustworthy gaming environment for all Michigan residents,” Williams added. “We will continue to take necessary steps to protect players and maintain the integrity of Michigan’s regulated gaming industry.”
Gambling in any form is for entertainment purposes only. If you or someone you know may have a gambling problem, contact the National Problem Gambling Helpline at 1-800-GAMBLER, text 800GAM, or visit www.1800gamblerchat.org. Help is available 24/7 and is free and confidential.
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MixRift launches exciting free Mixed Reality ‘arcade shooter’ game: Crit Attack

MixRift, a mixed reality (MR) gaming start-up today announces the launch of its third title, Crit Attack: a new MR arcade wave shooter game, developed to satisfy the need of three generations of gamers for immersive and engaging MR experiences.
Just in time for the holiday season, the game is easy and free to play, and is compatible with Meta Quest 3, 3S, Pro and 2. In-app purchases like upgrades and extra ‘lives’ are available to make the most out of the playing session, but players can also win these by playing the game for longer. With Cyber Monday just behind us, you can leverage Meta Quest’s deals and play Crit Attack with the family to defend your living room from a wave of monsters.
The combination of the game mechanic (arcade wave shooter), the graphics and the ease of picking it up make Crit Attack unique in the Meta Store, where the emphasis is on the more story driven, multiplayer, longer sessions. Powered by that growing market feedback for more ‘family-friendly’, less intense or graphic violence games, and a nostalgia for 80s and 90s games and entertainment brought to today, Crit Attack is a simple and casual game that anyone can intuitively understand how to use and play.
Bobby Voicu, MixRift’s CEO, commented: “By listening to our audience we noticed a nostalgia trend, driven by TV series like “Strange Things” or games like “Stardew Valley” and “Minecraft” with pixelated graphics. This enables the entire family to enjoy our games – the generation that first played games in arcades, the generation that played the early consoles and, finally, Gen Z and Alpha that can use their MR devices for a competitive and fun game.
The launch of Crit Attack underscores our vision to drive mass MR adoption and make gaming accessible to everyone by developing games that are easy for anyone to play, and deeply immersive. It’s the perfect gift for the whole family to enjoy – what better way to spend Christmas than uniting to fight a wave of monsters?”.
Key features that differentiate it from existing MR experiences:
‘Friendlier’ look and feel: The only MR game where arcade wave shooters are combined with the kind of graphics offered, for the entire family to play. The monsters are cute and annoying rather than scary, appearing in waves – making it a very fun experience for everyone.
Accessible, simple and easy user experience: Easy to pick up and play – simply pick up a controller and point the in-game guns at the monsters that come and try to invade your living room; even the “Play” button is a button you can shoot. Though simple to understand, the game can be a truly tactical experience.
“One more time” experience: The wave arcade shooter mechanic makes it the ideal game for short gaming sessions that players want to experience “one more time” according to user feedback, as with each time they understand what to do to get more monster waves destroyed.
Low time commitment required to play – a more casual experience, where you can play for a half an hour or less session.
Hall of Fame leaderboard: Global leaderboard to track performance against the best players in the world, and be part of a vibrant gaming community.
MixRift’s unique approach is centred on game mechanics, developing and releasing games that resonate with audiences, quickly rather than investing years in a single title.
Voicu added: “While the demand for MR experiences continues to grow, largely driven by tech giants like Meta and Apple, there’s a clear lack of high-quality MR games out there. We’re in the perfect position to tackle this because our flexibility lets us dive into unique game mechanics built specifically for MR. We’re not just making games—we’re pushing boundaries to create new kinds of interactive experiences, changing the way we engage with this technology in our daily lives.”
MixRift has been at the forefront of the MR/XR revolution since its inception, pushing the boundaries of seamless integration between physical and digital realms to create ‘wow’ moments for gamers. In August, MixRift raised £1.6M, primarily directed towards accelerating its game development efforts. The company’s additional games Hell Horde (MR Survival) and Fractured (MR 3D puzzle) are available on Apple Vision Pro and the Meta Quest. MixRift has an ambitious roadmap ahead, including a new, exciting gaming title in Q1 2025.
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