Score Media gets access to Illinois sports betting market through deal with Caesars
Publicly traded digital media giant Score Media & Gaming Incorporated has signed an agreement with American casino operator Caesars Entertainment, hitting a deal that will provide it with access to the fast-growing sports betting market of Illinois. Under the deal, Score Media & Gaming Inc’s sports wagering company called TheScore will offer its Score Bet mobile app in Illinois through Caesars Entertainment’s Harrah’s Joliet Hotel & Casino. However, approval from the Illinois Gaming Board (IGB) is still pending.
Specific financial terms of the multi-year deal between the Toronto, Canada-based sports wagering giant and the American casino operator were not disclosed, but TheScore will repay for certain costs and licensing fees. Announcing the deal, Score Media & Gaming said, “Under the agreement, Caesars will receive a percentage of revenue derived from theScore Bet’s mobile sports betting operations in Illinois, subject to certain annual minimum guaranteed amounts. The agreement spans an initial term of 10 years, with a 10-year renewal term, exercisable at theScore’s option.”
If everything goes as planned, TheScore Bet will likely become operational in the US state of Illinois sometime in the second half of current year.
To get entry into the Illinois’ still nascent boom, TheScore is capitalizing on the often used “second skin” arrangement. Under such an accord, an operator like Caesars Entertainment, which may have a more than one gaming licenses in a specific state, can monetize the unused skin (license) by signing a partnership agreement with some other company and giving that unused license to that partner in that specific state.
Last month, an example of such an arrangement was set by Penn National Gaming’s Penn Interactive division, which got entry into New York through an agreement with Rivers Casino & Resort. Under that pact, Rush Street Interactive, the online gaming division of River parent Rush Street, got access to Maryland, Missouri, as well as Ohio, markets where Penn National already holds skins.
Score Media & Gaming Inc., which became a public entity after being listed on NASDAQ Stock Market through an initial public offering (IPO) in February, is now targeting new markets in the neighboring country as it foresees those markets as potential growth-drivers.
Illinois, the fifth-largest state by population in the entire US, is growing fast in terms of gaming revenue. For the month of January, its sports betting handle ranked fourth across the nation.
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