theScore sees Q3 revenue drop amid Covid-19 disruption
TheScore has seen revenue fall 71.8% year-on-year in the three months to May 31, in a period which chief executive John Levy described as an “unprecedented challenge” for the Canadian media and betting business.
With the novel coronavirus (Covid-19) crisis leading to the suspension of sporting events around the world, revenue for the three months to May 31 declined to CAD$2.4m.
This came entirely from media activities, compared to $8.5m for Q3 2019. Of this sum, $1.1m of the total came from theScore’s native Canada, with a further $1.3m coming from other markets, predominantly the US.
Despite the disruption to the sporting calendar caused by Covid-19, monthly active users on iOS and Android came in at 2.9m, representing around 75% of the average monthly actives in Q3 2019.
This, theScore explained, was down to a lack of live sports, which drive engagement with the app. However, the total average monthly user sessions on its app came in at 100m, or 35 sessions per-user per-month.
For its sportsbook offering, theScore Bet, handle amounted to $3.5m, down from $13.8m for the three months to 29 February. From these stakes, theScore generated gross gaming revenue of $0.1m, though after promotional costs and fair value adjustments of unsettled bets, it posted a loss of $22,000 for the quarter.
“The past quarter has been a period of unprecedented challenge, as the world grappled with the vast impact of the Covid-19 pandemic, including the disruption of nearly every major sports league and event,” theScore’s founder and chief executive John Levy (pictured) said.