Net loss reaches $14.6m for theScore in H1
Canadian media business theScore has revealed that an increase in spending, mainly related due to its expansion efforts in North America, led to it posting a net loss of $14.6m in the first half of its financial year.
Revenue in the six months to February 29, 2020 amounted to $15.9m, a decline of 2.5% on the corresponding period in the previous year.
Gross gaming revenue for the first half amounted to $685,000 from a handle of $22.6m, but when taking into account all promotional costs and fair value adjustments on unsettled bets, this resulted in negative net gaming revenue of $221,000.
Revenue from media activities totalled $16.1m, down from $16.3m last year, with theScore saying that growth in direct advertising revenue was offset by a decline in programmatic revenue.