Penn National Gaming, a casino operator from Las Vegas, plans to buy Score Media and Gaming’s theScore for 2 billion dollars. theScore is considered a one-of-a-kind platform in digital media, content, technology, and the betting industry.
Penn Gaming’s Executives state that the company sees an opportunity to merge its sports betting into Score Media’s technology and digital media presence. It will cross-promote both companies, platforms, and industries.
The deal will most likely finalize by next year, and John Levy (theScore’s CEO and President) deems it transformational. As per Levy, no other company possesses the capability to achieve similar feats.
Governors from both theScore and Penn National Gaming approved the deal unanimously. The ventures have been strategically tied since 2019, so the synergy is already present. Penn Gaming has decided to pay 1 billion dollars in stock and 1 billion dollars in cash to close the deal.
After the acquisition is completed, Penn Gaming will continue the business as a standalone platform. However, according to Jay Snowden, CEO of Penn National Gaming, the Toronto-based platform will vastly complement Penn’s relationship with Barstool Sports.
Jay continued that Penn National is uniquely placed as the pillar to serve the North American region’s most robust gaming, media, and sports ecosystem. The company will develop a one-of-its-kind community where users can enjoy seamless iCasino and mobile sports betting with customized in-game wagering and bets. In addition, the platform will offer highly engaging, personalized entertainment and sports content along with Live stats and scores.
The Pennsylvania-based company falls under the jurisdiction of M Resort from Las Vegas. The company sold its real estate in Tropicana to Gaming and Leisure Properties for 308 million dollars.
Executives from theScore and Penn National showed a willingness to use Barstool’s operations and user base to create an esteemed ecosystem. The Barstools sportsbook app is currently live in four states and will add another state before football.
Dav Portnoy, Barstool’s founder, stated that a partnership between Penn Gaming, theScore, and Barstool was inevitable. Dav has been using theScore for over ten years and has always wanted to collaborate with the company. All three ventures have showcased synergy together and understand how the other functions. Together with Jay and John, Barstool will deliver the ultimate sports betting platform to users.
Currently, users cannot access the Barstool sportsbook app in Nevada due to the restrictions on online casinos. However, players can access it by registering in an offline casino. Jay believes that mobile sports betting guidelines can change at any time, so players from Nevada should stay tuned for the latest market modifications.
Most industry experts and enthusiasts took the news positively. The majority believes that the acquisition will help Penn National stand out from the plethora of companies trying to cash in on the ongoing sports betting trend.