Canadian gaming firm seeks US listing
Score Media and Gaming, which has seen its shares surge after new of Canada’s betting liberalisation rules, is preparing for a listing in the US.
Canada.- The Toronto-based betting firm Score Media and Gaming Inc is looking for approval to list on a US exchange after its shares surged by 266 per cent driven by the expectation that Canada will soon liberalise rules for sports betting.
Canadian Justice Minister David Lametti’s bill to legalise single-event sports betting in Canada has a second reading on February 19.
That’s prompted Score Media to ask shareholders to approve a share consolidation at its annual meeting which would set the stage for a US listing.
According to BNN Bloomberg, the firm has gained in seven straight trading days and is up 266 per cent since the start of the year, making it the top performer in the Roundhill Sports Betting & iGaming ETF (BETZ), which has risen 21 per cent in the same period.
The firm’s market capitalisation was $2.4bn as of Tuesday’s close.
Score Media has a US betting app, theScore Bet, which beat expectations in the fiscal first quarter, according to Canaccord Genuity analyst Matthew Lee, who has a buy rating on the stock.
A US listing would allow investors to compare Score Media against its US rivals. According to BNN Bloomberg, the company is also planning to launch an online casino soon.
