COVID-19 pandemic impact leads to 72% fall in Q3 revenue for theScore
The “unprecedented challenge” presented by a suspension in live sport has caused theScore to post a year-on-year revenue decline of 72% for Q3.
The Canadian based digital media and sports betting operator saw total revenue for the three months to 31 May fall to CA$2.4m (US$1.8M), while EBITDA loss increased by $7.6m, to $8.7m
Gaming handle fell 74% quarter-on-quarter down to $3.7m, while gross gaming revenue (GGR) of $81,000 for Q3, was down 82% from the three months to 29 February for Q2.
In terms of the nine months up until the end of May, total revenue decreased by 26% down to $18.3m, and EBITDA loss rose to $22.2m, significantly up from last year’s loss of $2.3m.
TheScore put the anticipated decline in revenue as a direct impact the COVID-19 pandemic caused on the sporting calendar, which forced live sport to be suspended in mid-March.
Despite this, the operator did manage to expand, with its mobile sports betting app, theScore bet, being granted temporary sports betting licenses in Colorado and Indiana, remaining on schedule to be permanently launched in those states.
TheScore founder and CEO John Levy, said “The past quarter has been a period of unprecedented challenge, as the world grappled with the vast impact of the COVID-19 pandemic, including the disruption of nearly every major sports league and event.
“We’re primed to deliver a best-in-class, integrated media and gaming experience as fans eagerly welcome major leagues and sporting events back to play.”
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