TheScore Bet is leaving the United States with its sports betting product after struggling to make an impact in the market.
TheScore Bet is shutting down its US sportsbook operation July 1, a company spokesperson confirmed Wednesday to Legal Sports Report. The operator will shut down its sportsbook in New Jersey, Colorado, Indiana and Iowa and will turn its focus to Ontario sports betting.
“Since Penn’s acquisition of theScore, the company’s plan has been to lead with Barstool Sportsbook in the U.S. and theScore Bet in Canada, given our strong brand equity there,” theScore President and COO Benjie Levy said in a statement. “With theScore Bet launched and thriving in Ontario, and as we approach a major undertaking this summer with the launch of our proprietary risk and trading service, the timing is right to focus our U.S. efforts on marketing Barstool Sportsbook and our Canadian efforts on marketing theScore Bet.
“This move enables us to maximize the value of both brands through our organic media and gaming approach. Key to our strategy is integrating theScore media app with Barstool Sportsbook in the U.S., which we’re currently working towards. Bringing together theScore’s powerful sports media platform with Barstool Sportsbook, supported by our in-house technology will strengthen the overall U.S. product offering and broaden its reach.”
What happens next for theScore Bet US
TheScore Bet will stop accepting wagers on June 15, according to an FAQ on its website.
Bets on events completed before July 1 will remain active. For wagers beyond that date, the company will reach out to bettors directly.
If a user does not withdraw remaining funds before July 1, the company will mail a check or deposit money via another method on file.
TheScore Bet promotes Barstool in US
The announcement to leave the US also includes a push to Barstool Sportsbook. Both brands are part of the Penn National Gaming portfolio.
Penn National bought 36% of Barstool in 2020 for $136 million. The company acquired theScore last year for $2.1 billion.
Barstool Sportsbook is live in 12 states, including the four states theScore is leaving. Penn National plans to shift the Barstool to theScore’s in-house sports betting platform in the future.
TheScore concentrates on Canada
Based in Toronto, the US sports betting exit will allow theScore to focus on sports betting in Canada.
While Ontario regulators have not released sports betting information since the April launch, there are indications the sportsbook is starting well in the province.
Before the commercial online gaming launch, the company already had Canada’s most popular sports media app.
TheScore’s US sports betting struggles
While the sportsbook sees success in Ontario, it has not made much of an impact in the US sports betting market.
In April, theScore secured less than 1% market share in Indiana sports betting. In Iowa, Barstool and theScore combined for a 5.1% market share in April.
US sports betting consolidation
TheScore is the latest sportsbook to either shut down US operations or begin to scale back US sports betting investment.
In February, Churchill Downs announced it was shutting down its online sports betting and casino business. The company had replaced its BetAmerica brand with its TwinSpires brand last year.
WynnBet and Caesars Sportsbook also have scaled back their marketing spending in the past year.