Posted on: June 1, 2022, 11:25 a.m.
Last update: June 1, 2022, 11:28 a.m.
Another sports betting operator has decided to exit the US market. On Wednesday, theScore Bet announced that it would stop taking bets in the four states where it is licensed on June 15.
After this date, theScore customers will only be able to make withdrawals. All US betting operations will cease by July 1 in Colorado, Indiana, Iowa and New Jersey.
In an announcement to its US players, theScore said it would continue betting operations in Canada, where the sports media company is based. Last August, Penn National Gaming acquired theScore, giving it a second sportsbook operator. It also operates Barstool Sportsbook, another sports media brand operator licensed in 12 states, including Colorado, Indiana, Iowa and New Jersey.
According to information shared with theScore Bet users, events that take place on or before July 1, such as the NBA and NHL playoffs, will be scored and settled accordingly. The operator said it recommends players withdraw the funds from their accounts by July 1. After that, theScore Bet will send checks or issue ACH transfers to account holders.
“Customers whose address on file with theScore Bet is outdated should contact theScore Bet Customer Support team to update their address by July 1, 2022 to ensure checks are sent to the correct address” , says the FAQ.
“The time has come”
In a statement, theScore president and chief operating officer Benjie Levy said Penn’s plans since the acquisition were to keep Barstool ahead of the US market and theScore head north.
With the launch and success of theScore Bet in Ontario, and as we approach a major venture this summer with the launch of our proprietary risk and trading service, now is the time to focus our US efforts on marketing Barstool Sportsbook and our Canadian efforts on marketing theScore Bet. “, he said.
TheScore’s exit from the US market comes months after Churchill Downs Incorporated announced that it would be withdrawing its TwinSpires brand from the US online sports betting industry for the time being. Churchill Downs CEO Bill Carstanjen said in February that the company had been concerned about whether sports betting would ever be profitable.
Penn National, however, shows no signs of stopping. On the contrary, this move makes good business sense, as two sports betting brands under the same umbrella need not compete in the same markets.
Platform integration is a goal
As Levy noted in his statement, in addition to focusing on growing the Canadian market, theScore will also complete work on its risk and trading platform. According to information from Penn National’s first quarter earnings presentation last month, theScore plans to transition to its proprietary platform by the third quarter of this year.
As this work continues, Penn National will look to integrate Barstool Sportsbook into theScore platform.
Later this year, US users of theScore’s sports media app will be able to use the app to place bets via Barstool. This would be identical to integrating theScore Bet with theScore media app. Then in 2023, Penn National faces a deadline to acquire the rest of Barstool Sports. He bought a 36% stake in the media company founded by Dave Portnoy in January 2020.
If all goes as planned, Barstool Sportsbook is expected to transition to theScore’s account management and trading platforms in the third quarter of 2023.
“Bringing together theScore’s powerful sports media platform with Barstool Sportsbook, supported by our in-house technology, will strengthen the overall product offering in the United States and expand its reach,” Levy added.