TheScore makes Q1 loss amid cross-sell gains from media app
Toronto-headquartered operator reports handle of $6.7m but negative NGR for three months ended November 2019
Three quarters of theScore Bet customers were converted from its media app during the three months ended November 30, 2019, the operator has announced.
The 75% figure was revealed at theScore’s Q1 results call in Toronto, after the Canadian firm recorded $6.7m in handle and $184,243 in GGR during the reporting period.
Net gaming revenue (NGR) came in at -$19,795 after considering promotional costs and fair value adjustments on unsettled bets, while overall EBITDA dropped 580% on the previous year to -$3.7m after the firm launched and expanded its betting operations in 2019.
Founder and CEO of the Canadian firm John Levy said: “Sports app users are proving more valuable in terms of handle, gross gaming revenue and retention than non-sports app users.
“This is especially exciting given the record user engagement we saw on our sports app in Q1, as well as the robust product roadmap we have in place to further strengthen the connection between our media and gaming platforms, including new product features and cross-promotional capabilities,” Levy added.
Late last year the operator launched a feature to allow users to create a betslip within the media app to provide a more seamless experience across the two separate apps.
TheScore betting app, theScore Bet, is likely to launch in Indiana in the coming months, as part of its deal with Penn National.
Average monthly sessions for the firm’s media app reached a record high of 523 million during the period.
Users opened the app an average of 123 times a month each, with average monthly active users also growing to 4.3 million.
The business also agreed a new multi-year betting partnership with the NBA yesterday.