Score Media Doesn’t Know Why Stock Soared. Hint: It’s Sports Betting Fever
Posted on: June 2, 2020, 03:00h.
Last updated on: June 2, 2020, 11:10h.
Score Media and Gaming Inc. (OTC:TSCRF), a Canadian sports betting and media company, isn’t quite sure why it’s stock soared Monday. But regulators in the Great White North nonetheless wanted an explanation.
In the US. Score stock trades on the pink sheets, a venue used by smaller growth companies that don’t have the resources to list on a traditional exchange. On Monday, the stock jumped 32 percent on volume that was 13 times the daily average.
At the request of the Investment Industry Regulator of Canada, Score Media and Gaming Inc. confirms that it is unaware of any material change in the Company’s operations that would account for the recent increase in market activity,” according to a statement issued by the Toronto-based company.
In Canada, Score trades on the TSX Venture Exchange, a bourse often used by smaller growth companies that market participants see as highly speculative.
The stock traded as high as 60 cents yesterday before settling at 54 cents. Its 52-week high is 68 cents.
On the back of Monday’s high volume move by Score shares, it wasn’t long before some market observers and sports betting experts took to social media to opine as to why the tiny company (market value of about $178 million) with the consensus takeaway being that the Canadian company is an ideal takeover target.
For now, that’s just speculation. But the theory isn’t far-flung, and there’s no shortage of rumors linking sportsbook operators with media properties. Score could be attractive to a suitor because it addresses both betting and media.
“Its media app ‘theScore’ is one of the most popular in North America, delivering fans highly-personalized live scores, news, stats, and betting information from their favorite teams, leagues, and players,” according to the firm. “The Company’s sports betting app ‘theScore Bet’ delivers an immersive and holistic mobile sports betting experience.”
Score stock nearly doubled over the past 12 months, but its market capitalization is just $178.33 million, making it easily digestable for any number of potential suitors.
Other Points of Allure
Through a partnership with Penn National Gaming, Score offers mobile sports betting services in Indiana – one of the fastest-growing sports wagering markets in the US. More recently, the Indiana Gaming Commission (IGC) granted the company’s Score Digital Sports Ventures Inc. unit a temporary vendor license.
Score also has access to Colorado via an agreement with Jacobs Entertainment Inc. (JEI). JEI owns the Gilpin and Lodge casinos in Black Hawk, Colo. Sports betting commenced in the Centennial State on May 1, but activity on that front has been scant to date because of the coronavirus.
theScore Bet App is available in New Jersey, the biggest US sports betting market. The Garden State is currently the only one in the US where bettors can wager directly with Score.
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