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TORONTO, July 24, 2019 – theScore, Inc. (TSX Venture: SCR) (“theScore”) today announced the financial results for the three and nine months ended May 31, 2019 in accordance with International Financial Reporting Standards (“IFRS”). All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.

Q3 F2019 Highlights

  • theScore remains on schedule for the New Jersey launch of its mobile sportsbook, pending receipt of all required approvals and licenses from the State of New Jersey Division of Gaming Enforcement (DGE) and the New Jersey Racing Commission (NJRC).
  • theScore achieved a new Q3 revenue record of $8.5 million. This compared to $7.2 million in revenue for the same period last year, with growth primarily the result of strong performances from direct sales in Canada and the U.S.
  • theScore achieved a new Q3 record for average monthly user sessions on theScore app. Average monthly sessions reached 395 million during Q3 F2019, with users opening it an average of 102 times a month each.
  • theScore’s social content achieved a new quarterly record with an average monthly reach of approximately 100 million users in Q3 F2019, while total video views of theScore’s esports content also achieved a new quarterly record of 64 million.

“The great work in Q3 by our team and partners at Bet.Works means we’re right on schedule for the launch of what we believe will be a truly best-in-class mobile sportsbook,” said John Levy, Founder and CEO of theScore. “We can’t wait to show sports bettors in the U.S. what we’ve been building – starting with New Jersey.

“theScore’s sportsbook will deliver a unique mobile betting experience that will be tightly integrated with our flagship app to create a powerful ecosystem by a brand already trusted by millions of sports fans. theScore is going all-in on sports betting, and our established position as a leader in mobile sports makes this an incredible opportunity.

“It was also a great quarter for our core business. Advertising revenue achieved a new Q3 record, while engagement on our media app and audience growth across our esports and social platforms was also extremely positive.”

Financial Results
Revenue for the three months ended May 31, 2019 was $8.5 million compared to $7.2 million for the same period last year. Revenue for the nine months ended May 31, 2019 was $24.7 million versus $22.6 million for the same period last year. Growth in revenue for the quarter was primarily the result of strong performances from direct sales in Canada and the U.S.

EBITDA loss for the three months ended May 31, 2019 was $1.1 million versus a loss of $45,000 for the same period last year. Increase in EBITDA loss was primarily the result of additional expenses relating to the ongoing development of theScore’s sports betting business. EBITDA loss for the nine months ended May 31, 2019 was $2.3 million versus a loss of $29,000 in the same period last year.

Audience Metrics
Total average monthly active user sessions of theScore mobile app on iOS and Android reached 395 million in Q3 F2019, or 102 sessions-per-user-per-month on a base of 3.9 million average monthly app users.

theScore’s content on its social channels achieved an average monthly reach of approximately 100 million in Q3 F2019, year-over-year growth of 161%, serving to further amplify theScore brand globally.

Total video views of theScore esports’ content reached a record 64 million for Q3 F2019, representing year-over-year growth of 188%. Total watch minutes for theScore esports’ YouTube channel were 332 million, growth of 170% year-over-year. An additional 125,000 YouTube subscribers were added during the period, with channel subscribers surpassing 820,000 earlier this month.

Conference Call & Webcast
theScore will host a conference call and webcast at 4:30pm EST on Wednesday, July 24 where management will review the Company’s Q3 F2019 results, followed by a Q&A session:

Conference Call Dial-In
Local: +1 (647) 689-5637
Toll Free North America: +1 (877) 396-4208

The conference call will also be webcast live. Register now here.

Instant Replay
Local: +1 (416) 621-4642
Toll Free North America: +1 (800) 585-8367
Playback Passcode: 1079516

For more information:
James Bigg
Sr. Manager, Communications
theScore, Inc.
Tel: 647-638-9281
Email: [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About theScore
theScore’s mission is to create highly-engaging digital products and content that empowers the sports fan’s experience. Its flagship mobile app ‘theScore’ is one of the most popular multi-sport news and data apps in North America, serving millions of fans a month. The Company also creates innovative digital sports experiences through its web, social, and esports platforms, and in December 2018 announced plans to launch a mobile sportsbook in the United States.

Forward-looking (safe harbour) statement
Statements made in this news release that relate to future plans, events or performances are forward-looking statements.  Any statement containing words such as “may”, “would”, “could”, “will”, “believes”, “plans”, “anticipates”, “estimates”, “expects” or “intends” and other similar statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Such statements reflect theScore’s current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward looking statements, including among other things, those which are discussed under the heading “Risk Factors” in the Company’s Annual Information Form and Short-form Prospectus as filed with the TSX Venture Exchange and available on SEDAR at www.sedar.com and elsewhere in documents that theScore files from time to time with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results could differ materially from the expectations expressed in these forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as required by applicable law or regulatory requirements.

 

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– Agreement with operator of New Jersey-based Monmouth Park Racetrack provides theScore with market access to offer online and mobile sports betting throughout the state 

– Powered by cutting edge sports betting platform from Bet.Works

– Planned launch in mid-2019, subject to receipt of required regulatory approvals and licenses

TORONTO, December 18, 2018 – theScore, Inc. (TSX Venture: SCR) (“theScore” or the “Company”) today announced plans to launch a mobile sportsbook in the United States in 2019 after securing market access through an official licensing partnership with Darby Development LLC (Darby), the operator of the Monmouth Park Racetrack in New Jersey and the New Jersey Thoroughbred Horsemen’s Association (NJTHA).

This agreement paves the way for theScore to offer online and mobile sports betting across New Jersey, subject to receiving all required approvals and licenses from the State of New Jersey Division of Gaming Enforcement (DGE) and the New Jersey Racing Commission (NJRC). Subject to receipt of these approvals, theScore anticipates rolling out its sports betting platform in New Jersey in mid-2019. Sports fans can sign-up to receive updates on theScore’s launch plans at www.theScore.bet.

“This is a significant moment for theScore, becoming the first media company in North America to announce its plans to launch online and mobile sports betting in the United States,” said John Levy, Founder and CEO of theScore. “Sports betting has long been part of our company DNA in how we’ve delivered content to fans. Providing the ability to actually bet on games is the natural next phase for theScore.

“With the rapid growth of mobile and in-game wagering, we are perfectly positioned to deliver a unique and amazing sports betting experience. Our large and engaged app audience spans every single U.S. state and highly indexes with sports betting enthusiasts. We can’t wait to bring a sports betting product to market and capitalize on this exciting opportunity in New Jersey and other regulated states.”

Dennis Drazin, CEO and Chairman of Darby Development LLC, is a highly-experienced gaming operator and played an integral role in the repeal of the Professional and Amateur Sports Protection Act of 1992 (PASPA), which largely prohibited sports betting across the U.S. PASPA was repealed by the U.S. Supreme Court in May 2018, allowing individual states to offer legalized, regulated sports betting.

Drazin said: “theScore has one of the leading sports apps in North America, a world-class reputation for mobile sports development, and a large and highly-engaged audience. Combined with Bet.Works’ best-in-class technology and their team of experienced sports book operators that will power theScore’s digital sports betting platform, we’re thrilled to welcome them to our exclusive family of partners offering sports wagering in New Jersey.”

The agreement between Darby, the NJTHA and Score Digital Sports Ventures Inc. (“Score”) provides that Score will be the operator of a branded sportsbook pursuant to one of the sports wagering licenses conferred upon the NJTHA by the DGE, subject to receipt of all required regulatory approvals and licenses.  Pursuant to the agreement, Darby is entitled to a certain percentage of the revenue derived from Score’s operation of the sportsbook, subject to certain annual minimum guaranteed amounts as well as certain upfront fees and renewal fees, if applicable.  The agreement has a term of up to fifteen years, consisting of an initial term of five years, which is extendable for two successive five-year terms at the option of Score.

In addition, Score has executed a binding term sheet with Bet.Works (US) LLC, whose proprietary, cutting-edge sports betting technology will power theScore’s online and mobile sports betting platforms. Pursuant to the multi-year agreement, Bet.Works will be the exclusive supplier of sportsbook and casino technology to theScore in the United States and also provide certain operational services to theScore to facilitate its sports betting operations.

Bet.Works is a U.S. based igaming and sportsbook provider, with a management team handpicked from among the most successful gaming operators in the country. Bet.Works offers a flexible suite of proprietary gaming solutions that uses some of the most advanced technology in the market today. Coupled with a sophisticated managed service offering, Bet.Works is uniquely positioned to provide American based solutions to enterprise, tribal and regional clients.

David Wang, Founder and CEO of Bet.Works said: “We are extremely excited about working with theScore. They have a huge audience and one of the most comprehensive sports apps on the market, providing the connective tissue between hardcore sports fans and the teams they love. We are confident the Bet.Works team can help theScore to the forefront of mobile sports betting in New Jersey and beyond.”

Contact:
James Bigg
theScore
Sr. Manager, Communications
[email protected]
647.638.9281

Elisa Richardson
theScore
Manager, Media Relations
[email protected]
646.901.8536

theScore Investor Relations
theScore.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About theScore Inc.
theScore’s mission is to create highly-engaging digital products and content that empower the sports fan’s experience. Its flagship mobile app ‘theScore’ is one of the most popular multi-sport news and data apps in North America, serving millions of fans a month. The Company also creates innovative digital sports experiences through its web, social and esports platforms. theScore is publicly traded on the TSX Venture Exchange (SCR).

Forward-looking (safe harbour) statement
Statements made in this news release that relate to future plans, events or performances are forward-looking statements.  Any statement containing words such as “may”, “would”, “could”, “will”, “believes”, “plans”, “anticipates”, “estimates”, “expects” or “intends” and other similar statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Such statements reflect theScore’s current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward looking statements, including among other things, the receipt of all required approvals and licenses from the DGE and NJRC and those factors which are discussed under the heading “Risk Factors” in the Company’s Annual Information Form as filed with the TSX Venture Exchange and available on SEDAR at www.sedar.com and elsewhere in documents that theScore files from time to time with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results could differ materially from the expectations expressed in these forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as required by applicable law or regulatory requirements.