theScore Bet enters Casino Market with Twin River4th September 2020 |
Toronto-based Score Media and Gaming Inc. revealed on Thursday that its subsidiary, Score Digital Sports Venture (theScore Bet), will be operating an online casino in New Jersey with Twin River Worldwide Holdings Inc. The launch is projected to happen in the second half of 2021.
theScore Bet is already one of the leading companies for online sports betting, and now they are taking their successful online venture even further. Given their track record, they are sure to provide a top-notch product for players to be able to play whenever they want. From their end, this new access to the market will also allow theScore Bet to reach a wider audience.
John Levy, founder and CEO of theScore Bet, said in a news release, “The addition of our online casino offering to our award-winning and truly differentiated mobile sports betting platform broadens our reach and deepens our strong portfolio of assets. This is yet another step toward providing theScore’s media and betting patrons with a completely holistic and tightly integrated media and gaming experience.”
Twin River’s President and CEO, George Papanier, said of this partnership: “We are excited to partner with theScore and to provide our Atlantic City guests with a highly-personalized i-Gaming experience. We look forward to working with them and engaging our guests as they leverage this new, exciting platform.”
The agreement is dependent on Twin River’s acquisition of Bally’s Atlantic City Hotel & Casino in Atlantic City, New Jersey, which is in the works. It also rests upon securing the necessary licensing and regulatory approvals from the New Jersey Division of Gaming Enforcement. Upon the success of these requirements, the agreement will be set for a decade, with the possibility of a five-year renewal from theScore Bet, and another five-year term if both parties agree.
The New Jersey online gaming scene has seen an increase in patrons and profit due to the coronavirus pandemic. More players started playing online from the comfort of their homes when casinos were shut down in mid-March. In fact, revenue for May 2020 reached $86 million, with June generating $85 million in revenue. Internet gaming is predicted to keep doing well, making this deal a lucrative one for both parties involved. Twin River stands to gain a percentage of the revenue earned from the online casino gaming platform in New Jersey if annual minimum targets are reached and after any renewal fees.
August has been an exciting month for both companies, with Twin River striking a deal with Malta-based Esports Entertainment and Philadelphia-based Sporttrade. theScore Bet received approval to start operating its mobile sports betting app in Colorado and Indiana and is set to start operating both by the end of the summer. Earlier this month, theScore Bet was also named Best Online Mobile Sports Betting Experience.