Globe says Canaccord's Lee remains bullish on Score
2021-02-18 08:43 ET - In the News
The Globe and Mail reports in its Thursday, Feb. 18, edition that Canaccord Genuity analyst Matthew Lee elevated his share target for Score Media and Gaming ($4.78) to $6 from $2.50. The Globe's David Leeder writes in the Eye On Equities column that Mr. Le continues to rate the shares "buy." Analysts on average target the shares at $2.05. Mr. Lee says in a note: "Score Media shares have seen a significant upsurge throughout F21 due to a potent tandem of a) increased momentum around OSB/iGaming and b) a significant positive revaluation of small-cap growth names. Despite this, we believe that Score Media still has upside as the company unlocks the potential associated with on-line sports betting (OSB) and iGaming across Canada and the U.S. Given the regulatory progress in Canada and the imminent launch of SCR's iGaming platform, we reassess what we see as the vast opportunities ahead of the firm with an in-depth examination of the North American total addressable market." The Globe reported on Nov. 2, 2020, that Mr. Lee said Score Media was worth betting on. He said he saw "significant upside potential in the rapidly growing on-line sports betting industry." Score Media shares could then be had for 75 cents.
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TORONTO, February 17, 2021 – Score Media and Gaming Inc. (TSX: SCR) (“theScore” or the “Company”) Founder and CEO John Levy issued the following statement on the status of legislation, Private Members Bill C-218 and Bill C-13, to legalize single event sports betting in Canada. Today, Private Members Bill C-218 was voted on and passed overwhelmingly at second reading in the House of Commons. Similar legislation in Bill C-13, which was previously introduced by the federal government, would legalize single event sports betting at the federal level in Canada and is anticipated to be taken up by the House of Commons in the near future.
“Today’s development in the House of Commons, focusing on the legalization of single event sports betting in Canada, is a significant step forward in the process to amend an outdated law,” said Mr. Levy. “The positive outcome of today’s vote demonstrates the continuing momentum and strong cross-party support for this issue. We expect that the legalization of single event sports betting will facilitate the introduction by provinces and territories of a much-needed modernized sports betting framework in their respective jurisdictions that can include important consumer protections and the ability to generate new revenue streams for provincial and territorial governments.
Levy added, “As Canada’s leading mobile sports media brand with a uniquely integrated sports betting platform, we look forward to collaborating with key stakeholders as the legislative process continues, to ensure that betting reform works for all Canadians and their communities.”
theScore estimates a market potential for online gaming in Canada of between US$3.8 billion and US$5.4 billion in annual gross gaming revenue, based on historical data extrapolated from legal online gaming markets in the U.S. and globally.
theScore’s sports media app (iOS and Android) is one of the most popular multi-sport news and data apps in North America and its mobile sportsbook, theScore Bet (iOS and Android), delivers an immersive and holistic mobile sports betting offering, including a wide range of pre-game and in-play betting across all major sports leagues and events, and a comprehensive variety of bet types, and is currently live in New Jersey, Colorado, Indiana and Iowa.
For more information:
Dan Sabreen
Director, Communications
Score Media and Gaming Inc.
Tel: 917-722-3888 ext. 706
Email: dan.sabreen@thescore.com
Benjie Levy
President & Chief Operating Officer
Score Media and Gaming Inc.
Tel: 416-479-8812 ext. 2284
Email. benjie.levy@thescore.com
About Score Media and Gaming Inc.
Score Media and Gaming Inc. empowers millions of sports fans through its digital media and sports betting products. 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. The Company’s sports betting app ‘theScore Bet’ delivers an immersive and holistic mobile sports betting experience and is currently available to place wagers in New Jersey, Colorado, Indiana and Iowa. Publicly traded on the Toronto Stock Exchange (SCR), theScore also creates and distributes innovative digital content through its web, social and esports platforms.