Toronto media and sports betting firm theScore has bolstered its investment capability to the tune of $40m courtesy of a financial agreement with a fund managed and controlled by Fengate Asset Management. Through the firm’s private equity team, Fengate will invest the $40m in theScore to fund the growth and development of its media and sports betting businesses.
Under the terms of the agreement, Fengate will purchase a $40m, 8% convertible unsecured subordinated debenture of the company, due August 31, 2024. The private placement of the debenture is expected to close on or about September 5, 2019, and is subject to certain conditions, including receipt of the approval of the TSX Venture Exchange.
John Levy, Founder and CEO of theScore, explained that the firm is focused on becoming a leader in mobile sports gaming in North America, adding that this strategic investment significantly enhances its ability to execute on this plan.
“Fengate is recognized as a highly respected and experienced investor across North America, with significant expertise in the gaming industry,” he noted. “They are the perfect strategic investment partner as we launch our best-in-class mobile sportsbook in the United States.”
Justin Catalano, Managing Director and Group Head, Private Equity, Fengate, said, “We are excited by the opportunity to be partnering with theScore and its entrepreneurial management team. theScore’s unique ability to integrate sports betting into their industry-leading mobile sports media platform makes this investment a strong addition to our growing private equity platform investing across North America.”
In a separate announcement, theScore gave more insight into the launch of its sports betting app in New Jersey this week. Natively built for iOS and Android devices, theScore Bet is a comprehensive mobile sports betting platform, uniquely integrated with the firm’s established sports app to provide an immersive and holistic sports betting experience.
With an easy-to-use interface, theScore Bet delivers a sports betting experience with a wide variety of pre-game and in-game markets and betting options, lightning-fast scores and in-game data, great features like early cash-out, and easy and secure deposit and withdrawal options.
Levy advised: “theScore Bet is a completely unique and ground-breaking mobile sports betting experience. Our team has launched a best-in-class sports betting app that’s also been seamlessly integrated with our market-leading media app. Millions of sports fans all over North America were already using theScore, with many relying on our data and content to help inform their betting decisions.
“Now, starting with fans in New Jersey, we’ll be able to bring the bet right to them. We’ve always believed sports betting is just one facet of the overall fan experience, and now with theScore Bet we can deliver sports betting the way it was meant to be.”
theScore Bet is authorized to operate in New Jersey by the New Jersey Division of Gaming Enforcement, via its market access agreement with Darby Development LLC, the operator of Monmouth Park Racetrack.
