Second-quarter disappointment for Score Media and Gaming Incorporated

IDNSport – Second-quarter disappointment for Score Media and Gaming Incorporated,

Canadian digital media innovator Score Media and Gaming Incorporated has reportedly released its unaudited second-quarter financial results showing a net loss of some $13.62 million.

According to a Tuesday report from Yahoo Finance, this tally is about 68% higher when compared with the same three-month period last year and came even as the Toronto-headquartered firms online sportsbetting receipts surged by 46% to give it aggregated revenues of around $4.47 million. The second quarter also purportedly saw the company bank approximately $186.31 million courtesy of a listing on the Nasdaq bourse and launch into the American states of Iowa and Illinois via partnerships with land-based casino operators Penn National Gaming Incorporated and Caesars Entertainment Incorporated respectively.

Mobile sensation:

However, Score Media and Gaming Incorporated moreover reportedly booked negative adjusted earnings before interest, taxes, depreciation and amortization for the quarter in the region of $10.31 million even as its theScore Bet online sportsbetting app chalked up record handle of $65.23 million. The innovator furthermore purportedly recorded an around $1.91 million loss in net gaming revenues for the period ending on February 28 despite improved receipts from its sports and eSports media divisions.

Floundering expectations:

Yahoo Finance reported that financial analysts had earlier predicted that Score Media and Gaming Incorporated would finish the second quarter with roughly $7.17 million in revenues alongside an adjusted loss in earnings before interest, tax, depreciation and amortization of about $6.59 million. Despite not coming anywhere near these forecasts, the companys Chairman and Chief Executive Officer, John Levy, highlighted the positive in stating that his firm had experienced a very active and productive fiscal second quarter including quarterly record results across our gaming and media operations.’

Reportedly read a statement from Levy

Consumers prefer the convenience of being able to bet anywhere and at any time via a mobile app. We are one of the few ways for investors to invest in a pure-play mobile sportsbetting operator with access to emerging opportunities in both the United States and Canada and the only operator with a unique and fully integrated sports media and sportsbetting ecosystem.

Future focus:

Score Media and Gaming Incorporateds mobile-friendly sportsbetting service is now reportedly available to punters in the American jurisdictions of New Jersey, Colorado, Indiana, Illinois and Iowa while the company has long been a vocal supporter of legislation that would allow its Canadian customers to place single-event wagers. Levy purportedly appeared before the House of Commons Standing Committee on Justice and Human Rights last month to speak in support of Bill C-218 and tell lawmakers that time is of the essence if they want to prevent billions of dollars in sports wagering revenues from flowing to unregulated offshore gambling platforms.

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