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Thiscore's big bet on new office space in downtown Toronto

Thiscore's big bet on new office space in downtown Toronto

Canadian digital media and sports betting company theScore is leasing 80,000 square feet of space in downtown Toronto. The company announced the move on August 19.

The Toronto-based company plans to occupy more than 85 percent of the exchange, one of two buildings that make up the Waterfront Innovation Center.

The new location will house Score's rapidly growing workforce, and accommodate its business operations, including the anticipated rollout of online sports betting in Canada.

Despite its pending acquisition by Penn National Gaming in a cash and stock deal worth approximately USD 2 billion, TheScore will operate as a stand-alone business. The acquisition is expected to close in the first quarter of 2022.

"Moving into this newly constructed building gives us the opportunity to design our ideal work environment and provide ample space for our rapidly expanding team," said John Levy, Score's Chairman and CEO.

Founded in 2012, TheScore provides users with sports news and statistics through its mobile app, which has nearly four million monthly users. The Toronto-based company is currently traded on the TSX and NASDAQ under the symbol 'SCR'.

The gaming firm went public in March, raising USD$186.3 million in gross proceeds with its IPO on the NASDAQ.

Recently, TheScore has focused on expanding its sports betting app across the US. Today, Dscore Bet is available in New Jersey, Colorado, Indiana and Iowa. However, in a competitive US market dominated by big players, the app has reportedly struggled to establish market share.

In late June, Bill C-218 received Royal Assent in Parliament. The bill amended the Criminal Code, legalizing single-event sports betting.

Based on historical data extracted from legal online gaming markets in the US and globally, TheScore estimates that annual gross gaming revenue for online gaming in Canada is between $4.3 billion and US$5.4 billion.

The decision by Score to lease space at Toronto's Waterfront Innovation Center is not only a testament to the continued growth of our technology and innovation sector, but it will also serve as another confidence booster as we help our pandemic recovery. Let's move on. Let's move on," Toronto Mayor John Tory announced in a statement.

Designed by Toronto's Sweeney & Company Architects Inc., the 475,000-square-foot Waterfront Innovation Center consists of two buildings, with three separate but interconnected components: The Exchange, The Hive, and The Nexus, a space that combines one connects, will work as public. class. And directly connect the two buildings.

The Waterfront Innovation Center, co-owned by Menkes and BentlGreenOak on behalf of Sun Life Assurance Company of Canada, was developed in partnership with Waterfront Toronto.

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