Canadian digital media innovator Score Media and Gaming Incorporated has reportedly released its unaudited second-quarter financial results showing a net loss of some $13.62 million.
According to a Tuesday report from Yahoo Finance, this tally is about 68% higher when compared with the same three-month period last year and came even as the Toronto-headquartered firm’s online sportsbetting receipts surged by 46% to give it aggregated revenues of around $4.47 million. The second quarter also purportedly saw the company bank approximately $186.31 million courtesy of a listing on the Nasdaq bourse and launch into the American states of Iowa and Illinois via partnerships with land-based casino operators Penn National Gaming Incorporated and Caesars Entertainment Incorporated respectively.
Mobile sensation:
However, Score Media and Gaming Incorporated moreover reportedly booked negative adjusted earnings before interest, taxes, depreciation and amortization for the quarter in the region of $10.31 million even as its theScore Bet online sportsbetting app chalked up record handle of $65.23 million. The innovator furthermore purportedly recorded an around $1.91 million loss in net gaming revenues for the period ending on February 28 despite improved receipts from its sports and eSports media divisions.
Floundering expectations:
Yahoo Finance reported that financial analysts had earlier predicted that Score Media and Gaming Incorporated would finish the second quarter with roughly $7.17 million in revenues alongside an adjusted loss in earnings before interest, tax, depreciation and amortization of about $6.59 million. Despite not coming anywhere near these forecasts, the company’s Chairman and Chief Executive Officer, John Levy, highlighted the positive in stating that his firm had experienced ‘a very active and productive fiscal second quarter including quarterly record results across our gaming and media operations.’
Reportedly read a statement from Levy…
“Consumers prefer the convenience of being able to bet anywhere and at any time via a mobile app. We are one of the few ways for investors to invest in a pure-play mobile sportsbetting operator with access to emerging opportunities in both the United States and Canada and the only operator with a unique and fully integrated sports media and sportsbetting ecosystem.”
Future focus:
Score Media and Gaming Incorporated’s mobile-friendly sportsbetting service is now reportedly available to punters in the American jurisdictions of New Jersey, Colorado, Indiana, Illinois and Iowa while the company has long been a vocal supporter of legislation that would allow its Canadian customers to place single-event wagers. Levy purportedly appeared before the House of Commons’ Standing Committee on Justice and Human Rights last month to speak in support of Bill C-218 and tell lawmakers that ‘time is of the essence’ if they want to prevent billions of dollars in sports wagering revenues from flowing to unregulated offshore gambling platforms.