Penn National Gaming said it will use cash and stock to buy the Toronto-based company in a deal that is expected to close in early 2022.
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TheScore will be used alongside Barstool Sports, the popular digital media company in which Penn National owns a 36% stake. Penn National operates Barstool-branded sportsbooks at some of its Midwestern casinos and is looking to open one in L’Auberge Baton Rouge.
Barstool will remain the predominant sports betting brand for Penn National in the U.S., and there currently no plans to operate Score sportsbooks at any of the company’s 10 casinos in Louisiana and Mississippi, said Eric Schippers, a company spokesman. However, the company will assess strategic implications in upcoming months.
Jay Snowden, president and chief executive officer of Penn National, said theScore is the most popular sports app in Canada and the third most popular in North America. The company has developed an account management system, along with a “deep pool of product and engineering talent” that Snowden said will help Penn National cut costs and drive customer engagement and retention.
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He said theScore is a powerful complement to the reach of Barstool Sports and its popular personalities and content.
TheScore will operate as a stand-alone business, headquartered in an expanded Toronto office. This will allow Penn National access to a deep pool of tech workers and provide easy access to the growing Canadian sports betting market.