According to a report by Morgan Stanley, based on app download trends, theScore's betting application is gaining momentum in the newly regulated market, particularly benefiting from its local roots.Ontario sports betting .
This week, Morgan Stanley shared an update with investors, as reported by Yahoo! News, indicating thatOntario sports betting app the download figures suggest that theScore is performing well right from the start as Ontario transitions to a regulated environment that allows commercial sports betting and online casinos.
The launch day marked the beginning for various enterprises aiming to rival the government-operated gambling services.was April 4 .
Morgan Stanley advises thattheScore Bet TheScore registered 35% of all sports betting app downloads since its debut on April 4 (initially reported as 50% by Morgan Stanley). However, it's crucial to note that app downloads don't necessarily correlate with actual customer expenditures.
Before entering the regulated sports betting scene, theScore Bet had already established significant name recognition among sports enthusiasts in Canada, being recognized as the leading digital source for sports info. Its parent company, Score Media and Gaming Inc., has its headquarters in Toronto.
Penn National’s Deal for theScore
Last year, theScore was acquired by Penn National Gaming, based in Pennsylvania, for $2 billion as part of the strategy to capitalize onOntario online casinos the launch of sports betting. Penn National's approach in Canada mirrors its strategy in the U.S. by acquiring a company with an established user base, aiming to minimize customer recruitment costs. In the U.S., its notable acquisition was Barstool Sports.
It's important to highlight that Ontario's online gaming market is just beginning to develop. While being an early entrant is beneficial, it is anticipated that experienced competitors, especially those already established in the U.S., will quickly enter the Ontario market.
Over 20 operators are now authorized to commence operations in Ontario, though many have been slow to begin accepting bets.
Morgan Stanley pointed out that Bet365 secured the second-highest download numbers in Ontario, capturing 27% of the market, followed by FanDuel at 16%. Other operators like Betway, BetMGM, PointsBet Canada, and BetRivers Canada had fewer than 10% each.
Morgan Stanley cautioned against drawing any definitive conclusions too early, noting that while theScore saw a peak download share of 79% on April 4, the inaugural day of the regulated market, the numbers did experience a decline after that.
theScore Bet is Based in Toronto
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Bill Ordine has extensive experience as a reporter and editor for both the Philadelphia Inquirer and Baltimore Sun over 25 years, during which he was part of a team nominated for the Pulitzer Prize in Breaking News. He began covering casinos and gaming shortly after the establishment of the first gambling venues in Atlantic City and wrote a syndicated travel column about casino destinations for a decade. His decade-long coverage of the World Series of Poker has led to his articles being published in major publications such as the Los Angeles Times, Chicago Tribune, and Miami Herald.
Fromdeereplanet.com
