Iowa’s Newest Sportsbook Operator Reports Record Handle In Q2

Posted By Russ Mitchell on April 14, 2021

Score Media and Gaming Inc. said its theScore Bet sportsbook showed strong revenue growth in the second quarter of FY21, which ended Feb. 28.

John Levy, founder and CEO of theScore Bet, told investors that the sportsbook had a second-quarter handle of $81.6 million. The amount was 491% year-over-year and up 46% from the first-quarter handle of FY21.

History of theScore Bet sportsbook in Iowa

The sportsbook entered into an operating contract with Ameristar Casino in Council Bluffs on Oct. 15. It submitted paperwork to Iowa Racing and Gaming Commission for consideration on Nov. 10, 2020.

The sportsbook went live in Iowa on Feb. 16.

In an investor update Tuesday, Levy said:

“Following the launch of theScore Bet in Iowa in mid-February, our mobile sports betting platform is now live in four states as our market rollout continues on schedule.”

TheScore Bet is also live in Colorado, Indiana and New Jersey. Levy cited a nearly 200% increase in New Jersey compared to a year ago.

He added:

“Through our recent agreement with Caesars Entertainment, we now have sports betting market access in Illinois, the sixth most populous US state.”

As it arrived in Iowa, theScore Bet said it planned to offer pre-game and in-play betting “across all major sports leagues and events, and a comprehensive variety of bet types.”

Furthermore, the company said app isn’t state-specific. For example, an Iowan visiting Colorado, New Jersey or Indiana could place bets using the same theScore Bet mobile app.

TheScore Bet public offering

Other highlights from Levy’s report include:

  • TheScore raised $186.3 million of gross proceeds through its US initial public offering. The company said it will use capital to build out its platform.
  • The company wants to expand into new US states while preparing for legalization of single-game sports wagering in Canada.
  • In March, the operator completed a US initial public offering and listed on the Nasdaq Global Select Market. The company sold 6.9 million shares at $27 per share.
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Russ Mitchell

Russ Mitchell has been covering news and sports in northwest Iowa since 1997, including 11 years as managing editor for one of the most acclaimed community newspapers in the state. He looks forward to keeping readers up to date on the growing sportsbook industry in Iowa.

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