Two sides of the PENN(y): While ESPN BET falters, theScore BET is doing strong business in Canada
Despite much handwringing in the U.S. over its partnership with ESPN BET, Penn Entertainment is chuffed about how it is faring in Ontario with theScore BET.
No matter what you think the future holds for the PENN Entertainment partnership with ESPN in the U.S., it’s clear ESPN BET has not performed as expected for PENN so far.
Dustin Gouker had some excellent analysis of PENN’s handwringing over ESPN BET in a recent story for Awful Announcing.
Meanwhile, in Canada, the lovefest between PENN and its Toronto-based subsidiary theScore continues unabated. Proving, once again, Canadians are different and our brand loyalties are similarly unique.
PENN CEO Jay Snowden said on the company’s Feb. 27 earnings call:
“theScore and theScore BET continue to be a very good story for us in Canada. Ontario is our number one market in North America in terms of revenues, gross profit, and contribution margin today and we delivered another strong year of performance in 2024. We believe the strength in Canada will only grow once we launch in Alberta, pending all requisite approvals, given the affinity for and loyalty to the Score brand across the country.”
PENN has reported that it had record net gaming revenue in January in Ontario. Also, its revenues were up 22%, its adjusted gross profits were up 36 and its adjusted contribution profits were up 53% year-over-year.
Also, the number of monthly active users (MAU) for theScore BET’s sportsbook in Ontario were up 16% year-over-year. More impressively, the MAU for its online casino was up 43% year-over-year.
“We have a brand that resonates with not just people who love sports, but we also have a great casino product,” Snowden said. “And our iCasino business in Ontario has been ramping quite nicely. You look at the monthly active user growth in iGaming in 2024 over 23, it was great.
“So, I think now that we have a better product and we know what works and what doesn't from a top of funnel acquisition, CPA, I think Canada is actually a good market for us in the sense also that there's a no inducement policy there. So you really are competing based on your brand and your product and the experience. We like that. It's performed very well against all of the same operators that have maybe larger share here in the US. And we would expect that dynamic to be the case in Alberta as well (when the western Canada province launches its regulated marketplace).”
On that same earnings call, Snowden, as Gouker reported, “hinted that his company could opt out of the $2 billion licensing and marketing deal [with ESPN] if ESPN BET’s underwhelming results don’t improve by the end of 2026.”
Atlantic Lottery switched on GBG identity data verification for Casino players in Canada, their pass rate improved from 68% to 82%, which resulted in over 10,000 extra players in a year. Read the latest GBG case study to learn more.
GeoComply’s Ilkim Hincer on the latest GNC show podcast
GeoComply’s new Chief Legal Officer Ilkim Hincer joined Gaming News Canada Show host Steve McAllister on the most recent episode of the podcast.
You can listen to the show here via your favourite podcasting app or watch it here:
Hincer spoke about the process that led to his new position at GeoComply, his time as an executive at Hard Rock International, working as Chair at the Canadian Gaming Association and the potential for competitive regulated gambling regimes in Alberta and the rest of the country.
Registration is now open for the May 13-15 SBC Summit Americas in Fort Lauderdale, Fla. Register here using the code PARLEHPARTNERVIP and get 50% off your full-event pass.
Combating match-fixing session coming to Gatineau
On April 2-3, the Council of Europe will be staging an event at Casino du Lac-Leamy in Gatineau, QC, called Combating the manipulation of sports competitions and illegal betting.
The session is being hosted by Loto-Québec.
The first day's session will be dedicated to understanding the evolving phenomenon of sports competition manipulation and illegal betting
The second day will provide a unique opportunity for participants to engage in discussions and take part in a practical workshop focused on the role of national and international cooperation.
Note that French-English translation will only be provided on April 2.
Register your participation by March 28 by completing the registration form.
Stay up-to-date with the latest news by following us on LinkedIn and Twitter, ensuring you never miss out on breaking updates.
To discuss our coverage of your company's news and announcements and to become an advertiser on Gaming News Canada, please contact steve@gamingnewscanada.ca.
