Penn National announces new agreement
Penn National and theScore have partnered to expand their presence in the United States’ mobile sports betting industry.
US.- Penn National Gaming continues with its expansion across the United States, this time by partnering with theScore. The companies have announced a major expansion of theScore’s mobile sports betting platform, through a multi-state market access framework agreement with Penn National Gaming.
Besides the 20-year framework agreement that provides theScore with the right to obtain market access to offer online and mobile sports betting and iGaming applications in 11 states where Penn National operates casinos and racetracks, the latter will also take a strategic equity stake in the company. theScore’s ability to launch and operate online and mobile sports betting and iGaming applications in these states will depend on the adoption of laws and regulations permitting online and mobile sports betting and iGaming, as well as receipt of all relevant licenses and approvals.
Moreover, theScore also announced a US$10 million private placement of Class A subordinate voting shares at US$0.45 per share. Penn National has subscribed for US$7.5 million of Class A Shares as part of the Private Placement, alongside other investors.
The companies see it as a step forward
“Securing this highly-coveted partnership with Penn National is a major step towards our goal of becoming a leader in mobile sports betting in the United States,” said John Levy, Founder and CEO of theScore. “We are thrilled that Penn National believes in, and has invested in, our vision of an integrated approach to media and sports betting and we can’t wait to unveil the best-in-class mobile betting experience that we’ve been building for sports fans.”
“theScore has been a trailblazer in the sports media landscape for years, and we are excited to be forming a strategic partnership with John and his team as they embark on the first truly integrated sportsbook and sports media platform,” said Jon Kaplowitz, SVP Interactive Gaming for Penn National Gaming.
