Another sports betting platform is live in New Jersey.
On Monday, theScore announced it has received approval from the New Jersey Division of Gaming Enforcement to “proceed with full implementation” of its mobile sportsbook, which comes under the license of Monmouth Park Racetrack. theScore, founded in 2012, received approval to undergo a soft launch earlier this month in order to test its software ahead of a full launch.
The Canadian company in December announced its plans to launch a NJ mobile sports betting platform.
“This is a significant moment for theScore, becoming the first media company in North America to announce its plans to launch online and mobile sports betting in the United States,” John Levy, founder and CEO, said in a statement. “Sports betting has long been part of our company DNA in how we’ve delivered content to fans. Providing the ability to actually bet on games is the natural next phase for theScore.”
Dennis Drazin, CEO and Chairman of Darby Development LLC, the operator of the Monmouth Park Racetrack, remarked late last year: “theScore has one of the leading sports apps in North America, a world-class reputation for mobile sports development, and a large and highly-engaged audience. Combined with Bet.Works’ best-in-class technology and their team of experienced sportsbook operators that will power theScore’s digital sports betting platform, we’re thrilled to welcome them to our exclusive family of partners offering sports wagering in New Jersey.”
Terms of the deal
Darby Development will get an undisclosed percentage of the revenue derived from theScore’s operation of the sportsbook, subject to certain annual minimum guaranteed amounts, as well as certain upfront fees and potential renewal fees, according to theScore.
The agreement has a term of up to 15 years, consisting of an initial term of five years, extendable for two successive five-year terms at the option of theScore.
theScore joins well-known sports betting firms William Hill and Play SugarHouse (Rush Street Interactive) as Monmouth Park sports betting partners.
Monmouth Park reported $12.5 mm in sports wagering revenue under its license through the first seven months of 2019, good for third position in the state but significantly behind Resorts Digital and its partner DraftKings with $33.1 mm, and the Meadowlands Racetrack/FanDuel with $66.9 mm.
theScore’s launch in the Garden State comes at a time when about 85% of the handle is now coming via the internet, a percentage that will continue to grow incrementally.
The sports media company boasted about 4 mm average monthly active users on its app in 2018.
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