Score Media Adds to New Jersey Exposure in Online Casino Deal With Twin River
Posted on: August 27, 2020, 09:15h.
Last updated on: August 27, 2020, 11:22h.
Score Media and Gaming Inc. (OTC:TSCRF) is adding to its US footprint. Its Score Digital Sports Ventures unit, also known as theScore Bet, landed a deal to run an online casino in New Jersey for Twin River Worldwide Holdings (NYSE:TRWH).
The Canadian company is already a player in the Garden State’s expansive sports wagering market, which is the largest in the US.
Under the agreement, Twin River will receive a percentage of revenue derived from theScore Bet’s online casino operations in New Jersey, subject to certain annual minimum guaranteed amounts, an upfront fee, and renewal fees if applicable,” according to a statement.
Score’s arrangement with TRWH spans 10 years. At the end of that term, the partnership can be extended five years at the Canadian operator’s option, and another five years if both parties consent.
Rhode Island-based TRWH is entering the Garden State via a $25 million acquisition of Bally’s on the Atlantic City Boardwalk. That transaction, which was announced in April, isn’t yet finalized, and TRWH’s agreement with theScore is contingent on the Bally’s buy being completed.
New Jersey, iGaming: Intoxicating Mix
In the US, just four states – Delaware, New Jersey, Pennsylvania, and West Virginia – allow internet casinos. But that number is projected to grow as more states seek revenue-generating avenues in the wake of the coronavirus pandemic.
With that quartet being the country’s current iGaming landscape, the Garden State is undoubtedly an alluring area for operators. In the second quarter, a period in which most boardwalk operators lost money because of the COVID-19 shutdown, Golden Nugget eked out a profit due to its iGaming unit’s dominant perch in the state.
theScore has been operational in New Jersey since September 2019, when it launched its sports betting app there. The company is close to bringing its app to the fast-growing Colorado market, and is waiting on regulatory approval to go live in Indiana.
Some analysts are forecasting online casinos growing to a $9 billion industry in the US by 2025. Score is positioned for increased legalization, as it has “skin” deals with Penn National Gaming in 11 states, none of which currently permit iGaming.
TRWH Taking New Jersey Seriously
For its part, it’s clear TRWH is looking to leverage the Bally’s acquisition into bigger things in New Jersey, because its announcement with theScore is the third in recent days by the operator pertaining to its Garden State operations.
Last week, TRWH said it entered into a multi-year sports wagering pact with Esports Entertainment Group, Inc. (NASDAQ:GMBL) in New Jersey. On Tuesday, the gaming company signed a similar accord with Sporttrade, a Philadelphia-based sports betting startup.
TRWH is getting three New Jersey sports betting skins as part of its purchase of Bally’s. In addition to Rhode Island, the company has gaming venues in Colorado, Delaware, Mississippi, and Missouri, and pending purchases will add Louisiana, Nevada, and New Jersey to that roster.
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