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Canadian Betting Firm Score Media Prepares U.S. Listing after 266% Surge
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Canadian Betting Firm Score Media Prepares U.S. Listing after 266% Surge

Canadian Betting Firm Score Media Prepares U.S. Listing after 266% Surge

Score Media and Gaming Inc. is set to become the next Canadian betting firm to list in the U.S. stock listing. Score Media and Gaming received the approval it needed from its shareholders to consolidate stock recently. This will allow it to fulfill its goal of exposing the betting firm to a broader range of investors.

It’s also no secret that the US has one of the most vibrant capital markets in the world. As such, having the Canadian betting firm’s name listed in U.S. stocks will do a lot to promote continued growth for the company. As online gambling laws rapidly change domestically, Score Media will want to ensure that it is well-positioned for domination.

 

Single sports betting coming soon

Currently, Canadian bettors are allowed to bet on sports legally. However, they are only allowed to do so through parlay bets. All 10 provinces in the country enjoy legalized gaming. However, if the Canadian sports betting market wants to reach the heights of other successful betting markets, it must do everything it possibly can to legalize single-game sports betting.

Thankfully, the tides seem to have changed thanks to the recently introduced bill C-218 that was created to remove the ban on single-game betting in the country. Legislators in the country have tried to legalize single-game wagering twice before with no success.  This time promises to be different as each of the provinces struggles to do everything they can to keep their heads above water.

With the state budget dwindling at a dangerously low point, single-sports betting could just be the thing that helps the provinces turn things around. Just take a look at how successful betting markets such as New Jersey are performing. In particular, the state of New Jersey, which was the first to legalize sports betting in America, has been breaking monthly record after record since the industry was legalized by the Supreme Court back in 2018.

In February 2021 alone, New Jersey bettors put down more than $743 million in sports bets; and this wasn’t even its best performing month. In fact, because of the end of the NFL season, New Jersey operators recorded the lowest handle since August 2020. January 2021 brought in a record $958.7 million; the highest that the state has recorded since sports betting was legalized almost three years ago.

If Canadian online casinos and betting firms such as Score Media receive the kind of support that American betting operators have received, there is no doubt that Canada has the makings of being the next biggest betting market in the world. 

Besides, legalizing single sports betting is the best thing that Canadian legislators can do. Not only will a regulated system help to keep bettors safe from unlicensed operators. But it will ensure that Canadian betting firms such as Score Media enjoy the spoils in place of unlicensed offshore casino operators and sportsbooks.

As things stand, Canadian bet an estimated C$14.5 billion. However, very little of the billions being spent is staying in the country primarily because of parlay requirements. Only approximately C$500 million is wagered on parlay bets; the rest all goes to various offshore operators that offer single-game sports betting.

 

Score Media to face some tough competition in U.S listings

Despite the numerous opportunities available for growth right here at home, Score Media has a tough battle ahead as it prepares to list in the U.S stocks market. As one of the most competitive and successful betting markets in the country, Score Media will face some fierce competition from other already more established American betting firms.

Some of the more established U.S. betting firms include:

  • DraftKings (NASDAQ: DKNG)
  • Roundhill Sports Betting & iGaming ETF (NYSEARCA: BETZ)
  • Flutter Entertainment (OTCMKTS: PDYPY)
  • Penn National Gaming (NASDAQ: PENN)
  • Caesars Entertainment (NASDAQ: CZR)
  • Boyd Gaming BYD

Of all these betting firms named above, DraftKings is the only pure-play publicly-traded form in the sports wagering stocks category. This is one of the many reasons why DraftKings stocks are some of the most highly sought after by investors. 

Like most of the companies listed above, it will take some time before emerging growth companies become profitable. This is because it takes a lot of money for a betting firm to acquire new customers. So if Canadian betting firm Score Media wants to stand out among these more established names, it has a lot of work ahead of it.

The most sensible thing that Score Media can do to position itself for growth in the U.S market is to partner up with a U.S based company that will expose it to the fast burgeoning market. For instance, DraftKings’ direct competitor, Flutter owns FanDuel. 

Even though Flutter is an Irish-based company, its partnership with FoxBet has allowed this foreign betting firm to gain favor among local bettors and investors. For this reason, Flutter has also performed consistently well in the U.S stocks despite a challenging pandemic period. 

 

Final Thoughts

The U.S sports wagering market has been on the cusp of a boom ever since the industry was legalized in 2018. As such, it makes sense why Canadian betting firms such as Score Media are consolidating their stocks in an effort to get listed in this vibrant and hyper-competitive market. 

If Canadian gambling companies want a piece of the pie, they will have to strike up lucrative partnerships with US companies that are more established. Indeed, experts predict that the US sports betting market could range between 5 and 8 billion by 2024. Investment firm Morgan Stanley has even gone as far as stating that the sports betting market in the country could hit $10 billion annually by 2025.

As such, it is easy to see why Canadian betting firms are looking to the south. Things at home don’t look too shabby either, as the country prepares to welcome single sports wagering. All in all, 2021 is slated to be a great year for the growing Canadian sports betting market.


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