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Score Media announced that it is selling five million shares, fewer than previously expected. The company had changed gears with its public launch, announcing last week a reverse split that would cut out some of the available shares while increasing the per-share price. It has already found support, with underwriters Canaccord Genuity, Credit Suisse, Macquarie Capital and Morgan Stanley able to purchase another 15% on top of the initial five million shares. Should they exercise that option, there would be a total of 5.75 million shares available. The underwriters have 30 days to make up their minds, which will give it time to see how the market reacts.
Several gaming entities have jumped into public trading recently, most notably, DraftKings. It saw a huge response when it launched its IPO last year, and Score Media hopes it can see a similar response. With operations in Canada, Colorado, Indiana and New Jersey, heavy interest is not out of the question, and the company is ready to capture a larger piece of the market. It added in its announcement, “[Score Media] currently expects that the net proceeds of the offering will be used to fund working capital and other general corporate purposes, including the continued growth and expansion of theScore Bet’s operations in the United States and Canada by supporting the multi-jurisdiction deployment and operation of theScore Bet and user acquisition and retention in jurisdictions where theScore is, or will be, operating.”
Trading on over-the-counter markets, Score Media was worth $30.59 at the end of the day yesterday. If it is able to sell all 5.75 million shares, even at $30.50, it could earn as much as $175.375 million. However, the company said in its IPO filing that it will offer the shares at $36.52, hoping to raise up to $183 million. If it succeeds, the market value would be right at $1.8 billion. Those interested in following the company on the NGSM can select the SCR ticker, the same ticker Score Media uses on the Toronto Stock Exchange.
How to play Bikini Island
“We think there needs to be stronger regulations into the predictive markets,” he said. “We want to see that to protect the integrity of our game – we want to make sure we are protecting the consumers that are on those platforms.”
Despite a rapid ascension throughout the US, Kalshi has been relatively mum on potential international expansion down the road. There is some sentiment that Kalshi will wait to build abroad until after the completion of an initial public offering. At present, Kalshi has sought a valuation of around $44 billion.
Kalshi has imposed strict protocols for customer sign-up, which includes proof of US residency, along with a US tax identification number. The operator also requires traders to complete a robust know-your-customer check before trading on its site.
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She mentions an ongoing lawsuit against Meta, which will be expected to be very challenging. The VNLOK-filed litigation is seeking to take action against the illegal gambling ads allowed to filter through to consumers across Meta’s various platforms.
“There are about 70,000 ads every single month for illegal operators or offerings – and there’s only two or three thousand from the legal market. It’s really unbalanced and they should regulate more.
“As a trade organisation we are trying to work together with our regulator because we feel that we have a shared interest of getting a good legal market. And of course we’re talking to politicians to do something about putting illegal operators on notice. I think it is really positive at the moment in the Netherlands that the operators have really teamed up,” Petra continues.
