Apr 24, 2021
[1 min Read]
theScore (TSX:SCR.TO) is a stock that I believe has the potential to become one of the biggest sports betting services in Canada.
Currently, there is no official betting service in Canada which gives the score an opportunity to tap into the entire Canadian betting market for sports and games. With the bill C-218 currently being passed through the House and onto to senate review, it gives theScore the opportunity to become the top betting service and Canada. Bill C-218 aims to allow single betting on any sports event. Currently the majority of betting is done through unregulated offshore sites or illegally through underground groups. Each year Canadians bet about $4 billion CAD through offshore sites and $10 billion CAD through illegal groups. C-218 aims to provide a regulated and legal way to allow betting to protect Canadian consumers, and theScore positions itself to take full advantage of the bill.
theScore is estimating the market potential in Canada to anywhere from $3.8 Billion USD to $5.4 Billion USD in gross gaming revenue judging from historical data and extrapolated data from legal online gaming markets in the US. With the current theScore app becoming of the most popular apps in North America in terms of multi-sports and sports data, theScore positions itself in a unique position amongst its competitors. Since theScore has already implemented its betting service in some states that allow betting in the US, theScore has a product that would ready to launch immediately in Canada as well.
With the likely passing of bill C-218 theScore has put itself in a position to take over the Canadian betting market and generate billions of dollars in the betting market in Canada alone. With opportunities to build partnerships and government support, theScore has put itself in a prime position in the young sector of sports betting in Canada.