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Score Media and Gaming Inc., a Canadian betting firm, is in search of approval to list on a U.S. exchange after it experienced its shares surge on optimism that in no distant time Canada will liberalize the rules for online sports betting.
The company is set to ask shareholders to approve a share consolidation during its annual meeting, which will be held on Wednesday morning, which would set the stage for a United States listing.
Toronto-based Score Media has recently gained seven consecutive trading days. It is currently up 266 percent to begin the year, the apex performer in the Round hill Sports Betting & iGaming ETF (BETZ), which has now risen 21 percent in the same period. That has pumped up the company’s market capitalization to $2.4 billion as of Tuesday’s close.
While domestic prospects for online sports betting legalization have remained a major driver for Score Media’s shares, its betting app for the U.S., theScore, has recently beaten the expectations of some analysts much recently. Its sportsbook, known as theScore Bet, destroyed Canaccord Genuity’s expectations in the fiscal first quarter. This was made known by analyst Matthew Lee, who also has a buy rating on the sportsbook stock.
A U.S. listing would also let future investors compare the Canadian betting firm against its U.S. rivals, according to Suthan Sukumar and Eight Capital analyst, who also has a buy rating on the said stock. Sukumar says that the company plans to launch an online casino product in 2021, and it is another very “lucrative” catalyst.
David Lametti, the Canadian Justice Minister, had unveiled legislation last fall as a move to legalize single-event sports betting in the country, thus marking a change in direction for the Liberal government of Prime Minister Justin Trudeau. A second reading of the new legislation, Bill C-13, is set for Feb. 19.
Shares of other online gambling companies such as DraftKings Inc. have also attracted great attention from several retail investors along with bigger institutional players, including Cathie Wood, as more regions make the long-overdue move to legalize wagering activity. It is also noteworthy that Penn National Gaming Inc. has a small equity stake in Score Media as a part of its 2019 market access pact.
This notable progress enjoyed by the Canadian betting site may have been unprecedented owing to the effect of covid-19 on many good gambling sites. However, this could also serve as a light at the end of the tunnel for many others in the industry.
source https://nrinews24x7.com/canadian-betting-firm-score-media-set-for-u-s-listing-after-266-surge/?utm_source=rss&utm_medium=rss&utm_campaign=canadian-betting-firm-score-media-set-for-u-s-listing-after-266-surge
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