TheScore Enters NJ Sports Betting Market
Media Heavyweight theScore will enter the NJ sports betting market in the coming days. The Canada based tech company sent a press release this Friday on August 16th that its sports betting app will be made available to “a select group of sports bettors”. TheScore is the third and final online mobile skin that comes under the Monmouth Park license, others being William Hill NJ and PlaySugarHouse.
New Jersey customers got email notifications earlier this month making a reference to an “exclusive early access” to the app. The select group of users are getting a preview of the new platform prior to the full launch. The soft launch is mandatory as determined by the New Jersey Division of Gaming Enforcement. If the app’s performance is up to the mark, the app will be given a green light for the full launch.
Citing the DGE’s initial approval, John Levy, founder and CEO of theScore, commented, “This is a huge milestone and a result of the tireless hard work that has gone into getting our sportsbook ready for launch. We can’t wait to debut best-in-class sports betting offering in New Jersey, delivering a truly unique and holistic sports media and wagering experience for fans.”
TheScore is known for being a popular source for sports scores and information. Therefore, its brand is well-established, just not in sports betting. But integrating the NJ sports betting option into its existing platform will create a one-stop-shop for bettors. With this innovative step, theScore has become the first in its space to enter the sports betting sector.
The app’s market penetration potential is rather impressive, with more 4 million active users and a reach of 50 million people on social platforms in the third quarter of 2018. It sent out 1.5 billion sports alerts to its users each month and boasts more than 3.4 million Facebook followers and 1 million Instagram followers.
What the Future looks like
According to an announcement made last year, theScore’s deal ranges up to 15 years. The initial 5-year term is extendable for more terms at theScore’s choice. The arrangement with Bet. Works is also an exclusive nationwide multiyear agreement.
Regarding the app, the new product will be called theScore Bet and will be completely separate. CEO John levy said in early July that it will be “easy peasy to make a bet.” This includes all the iOS users as well since even before the new Apple policy was announced, the team had already decided to build a native app ready for the initial launch.
Though it’s only launching in New Jersey as of now, theScore Bet is targeted to enter many more markets in the coming months. It acquired a multi-state market access framework agreement with Penn National Gaming Inc. earlier this month. This gives it the right to offer online and mobile wagering in 11 states where regional gaming operators have casinos and racetracks.
TheScore Bet is being launched just in time for the 2019 NFL season, and by the time the app is fully launched, there will be enough time for players to bet on Philadelphia Eagles. But this despite being strategically advantageous launch timing, theScore Bet will have to face many challenges in the NJ sports betting market. Among the US states with legal sports betting, the market has outpaced Nevada’s revenue, thus, beating the biggest and oldest of US sports betting markets. The massive $251 million handle and $18 million revenue in July was shared by many prominent sportsbooks and if theScore Bet wants a good share of that, it will have to bring something new to the game.