theScore sports betting expansion causes wider losses in 2019
Canadian media business theScore saw its net loss increase 59.3% year-on-year in the 12 months to August 31, 2019, after the launch of its new sportsbook product in New Jersey led to higher spending.
Overall revenue for the business’ 2019 financial year amounted to CAD$31.1m (£18.5m/€21.4m/US$23.8m), up 12.0% from $27.7m in the previous year.
theScore noted higher sales in both the US and its native Canada, with revenue from Canadian sources up 28.4% to $13.1m, and other revenue, predominantly from the US, rising from 2.9% to $18.0m.
Towards the end of its financial year, theScore entered the sports betting market for the first time, rolling out its Bet.Works-powered sportsbook product in New Jersey.