theScore Gets $30 Million Investment and Launches NJ Sportsbook
Fengate Asset Management’s e sport bet will fund launch of theScore’s sports betting business
New Jersey mobile sportsbook is open in time for NFL season launch
theScore has also partnered with Darby Development in NJ
Operator has plans to expand into other states in near future
Securing of e sport bet
Popular media platform theScore has received an e sport bet of C$40m (US$30m) from Fengate Asset Management. The funds will be used to fuel theScore’s sports betting business, which began earlier this week with its New Jersey sports betting app platform going live.
focused on becoming a leader in mobile sports gaming in North America
In return, Fengate will receive an 8% convertible subordinated debenture in Score Media and Gaming, which is due by August 31, 2024.
Speaking about the e sport bet, theScore founder and CEO John Levy said the company is “focused on becoming a leader in mobile sports gaming in North America, and this strategic e sport bet significantly enhances our ability to execute on this plan.”
theScore has one of the biggest sports data and media apps in the nation, which should see it off to a seamless start in the sports betting space.
Sports betting expansion
theScore’s expansion plans were made public in an announcement in December 2018. The idea was to launch its sportsbook operations by the middle of 2019, making theScore the first media company in the country to develop and open a mobile sportsbook.
theScore is initially focusing on the New Jersey market, having partnered up with Darby Development. This is the operator for the Monmouth Park Racetrack, as well as for the New Jersey Thoroughbred Horsemen’s Association.
With the New Jersey platform having launched just in time for the start of the NFL season, the operator also has plans to gradually expand into other states.
theScore also has a deal in place with Penn National Gaming, the largest regional gaming operator in the US. This partnership gives theScore access to the markets of 11 other states.
A lot of potential
New Jersey is a natural entry point for theScore’s new mobile sportsbook. The Garden State has seen massive success with sports betting operations since their legalization in June 2018. This is particularly the case with mobile sports betting, which makes up about 85% of the total bets placed in the state.
As more states legalize sports betting, the market will grow further. According to a report from Gambling Compliance, the US sports betting market will reach $5.7bn in size by 2024.