In less than twelve months, Penn National’s venture into operating multiple US sports betting brands has reached an end as theScore Bet closed its doors last Friday.
TheScore Bet sportsbook cancelled all operations within the US as of July 1. Penn National announced in June they would be closing the brand and pushing their user bar towards Barstool Sportsbook.
However, theScore Bet will remain in operation in Canada, where Score Media have highlighted its exponential growth compared to the US.
theScore Bet in Ontario
Despite a disappointing stance on US shores, Penn National has flourished since launching theScore Bet in Ontario. The sports betting app received hundreds of first-time deposits and thousands of downloads during its launch day.
More than 75% of the app’s customers also utilized the Score Media app. The app allows users to build and review their wagers before transferring their slips to the sportsbook.
User Base Reflects Success
TheScore Bet began operations in New Jersey in 2019, almost a year following the launch of most top NJ sportsbooks. Their late launch impacted their overall success despite three of every four Score Media app users jumping over to the sportsbook. Business was slow, taking a mere $10 million in wagers from December 2019 to February 2020.
Canada, however, is an entirely different situation. The Score Media application is the most successful in the country. Penn highlighted the power of the ecosystem when they reported the acquisition:
“Early results show the power of theScore’s integrated media and betting ecosystem to engage better and retain users; theScore Bet users with theScore media app compared to theScoreBet users who do not have theScore media app produce 88% higher handle/user, place 3x the number of bets/user, and generate a 91% increase in day 30 retention.”
Benjie Levy, president and chief executive of theScore, highlighted the parent company Penn National Gaming – which attained theScore last year – will now concentrate on the Barstool brand in the US whilst theScore continues to grow its strength in Canada.
“Since Penn acquired theScore, the company has planned to lead with Barstool Sportsbook in the US and theScore Bet in Canada, given our strong brand equity there,” Levy said.
Levy continued: “With theScore Bet launched and thriving in Ontario, and as we approach a significant undertaking this summer with the launch of our proprietary risk and trading service, the timing is right to focus our US efforts on marketing Barstool Sportsbook and our Canadian efforts on marketing theScore Bet.
“This move enables us to maximize the value of both brands through our organic media and gaming approach. The key to our strategy is integrating theScore media app with Barstool Sportsbook in the U, which we’re currently working towards.
“Bringing together theScore’s powerful sports media platform with Barstool Sportsbook, supported by our in-house technology, will strengthen the overall US product offering and broaden its reach,” Levy concluded.