The Score Gets the Go-Ahead to Enter the Sports Betting Market in New Jersey

The Canadian sporting news and wagering applications provider TheScore Inc. has recently announced good news for bettors in New Jersey – the Score Digital Sports Ventures unit of TheScore Inc. has managed to get the approval it needs to operate in this particular sports betting market.

TheScore is an app that was launched back in 2007, the first venture of Score Media and Gaming Inc. into the mobile application industry. Since then, this app has grown to be one of the most popular news apps where fans can find the latest multi-sport news. Available on all devices, this app presents sports content via a combination of real-time news, videos, stats, and scores for major leagues ranging from NCAA Football to European soccer leagues, and many others.

Division of Gaming Enforcement Gives the Go Ahead

The go-ahead for this venture was given by the state’s Division of Gaming Enforcement and manages to set the stage for Score Digital Sports Ventures to provide bettors with mobile and other kinds of internet sports betting platforms in New Jersey, the Garden State.

TheScore CEO, John Levy, released a statement regarding the milestone that this is, as well as, it being the result of a lot of effort that went into the launch.

TheScore, based in Toronto, which additionally has an office in New York, is planning a “soft launch” of their mobile sportsbook app with a predetermined select group of sports bettors within New Jersey. This is with the goal of the platform being in tip-top shape and functioning by the time football season comes rolling around.

This was not truly elaborated upon, what with there being various games before the official commencement of the football season. It is tough to say whether the company was referring to the official launch of the season or by the time of the first football matches.

State and Revenue Growth

Due to TheScore entering the fray and contributing to the New Jersey market, this venture comes with impressive growth stats for the brick and mortar casinos as well as online casinos. In July, the growth of the state’s gaming establishments reflected a total revenue of over $3.3 million per year with a yearly increase of around 11%.

At the end of the month of July, the state’s land-based, online, and sports betting operators have collected a gross revenue of $1.9 billion so far this year which is a 23.2% increase from 2018.

Online gaming revenue was reflected as an increase from $25.9 million the previous year to $39.3 million as of late. In terms of sports betting income, the increase stands at $3.8 million in 2018 to $17.9 million this year.

Competition on the Horizons

Back in May of this year, the sports betting revenue in New Jersey was at $318.94 million which is higher, for the first time, then Nevada’s. This has led to hope within the Garden State which means that this may only be the beginning and that more competition between the states in terms of gaming income is to come. Perhaps even a complete overtake of the Silver State’s sports handle is to come.

Getting back to the current venture, TheScore wants to become a player within the mobile betting industry of New Jersey there has been an increase in interest which indicates that many bettors have embraced the mobile platform. The stats reflect that around every eight out of ten bets that are placed within the Garden State within the past couple of months have been via computer or mobile devices.

Other Plans Besides this Venture

The Garden State is not the only location that TheScore is looking into when it comes to expansion. This sports betting firm is just one of several companies that are looking to partner with Penn National Gaming in the hopes of expanding their sports betting options throughout the nation.

TheScore is selling a 4.7% stake to Penn National Gaming under the terms of a 20-year contract. This is in exchange for permission to run on this betting platform across 11 US states.

Stay tuned for advancements in this venture, but it sounds like bettors within the Garden State can look forward to the mobile expansion and increase in their sports betting choices.

Audrey Molly Photo Audrey Molly

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