theScore authorised to launch sports betting in New Jersey
After an agreement with Penn National, theScore has received the approval from the DGE to launch its sports betting operations in New Jersey.
US.- The New Jersey Division of Gaming Enforcement (DGE) has granted the initial approval that authorises theScore to offer online and mobile sports betting in New Jersey. The company will go through a soft launch in the upcoming days before it can unveil its full sportsbook app features.
Back in December 2018, the company became the first one in the US to announce its intentions to operate a sportsbook in New Jersey, in a deal with Darby Development, operator of Monmouth Park. Last month, theScore also announced the expansion of its operations through a multi-state framework agreement with Penn National.
According to John Levy, founder and CEO of theScore, the DGE approval is a big milestone and the result of tireless work put into getting ready for the sportsbook launch. “We can’t wait to debut a best-in-class sports betting offering in New Jersey, delivering a truly unique and holistic sports media and wagering experience for fans,” he said.
The agreement with Penn National
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.
