Statement from theScore on the Status of Legislation to Legalize Single Event Sports Betting in Canada
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on the legalization of single event sports betting in Canada, is a significant step forward in the process to amend an outdated law," said Mr.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.
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