Score Media and Gaming Inc. (SCR) stock prices climbed by 3.46% to hit USD$20.64 at market close on April 13th 2021. Investors hope to see a continued uptrend in SCR stock prices in light of recent developments with the direction the company is headed towards.
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USD$186.3 Million IPO
At the beginning of March 2021, SCR closed its public offering. The offering saw 6.9 million Class A Shares being sold at a price of USD$27 per share, amounting to gross proceeds of USD$186.3 million. Along with general corporate purposes, the raised funds will serve to facilitate the continued growth and expansion of theScore Bet’s North American operations.
Expanding its Footprint
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While the dilution of existing shares resulted in some stockholders selling their SCR stocks, most investors see how SCR is poised to capitalize on their improved financial situation. In February, SCR expanded the footprint of its theScore Bet application with a launch in Iowa. Furthermore, theScore Bet was announced in March to have become an official betting operator of the PGA TOUR, the first in Canada.
Agreement with Caesar’s
March also saw SCR entering the Illinois market through its market access agreement with Caesars Entertainment. As per the agreement, the casino-entertainment industry giant will receive a percentage of the revenue generated from SCR’s betting operations in Illinois. With a guaranteed minimum annual payment in place, SCR will also reimburse Caesar’s for costs associated with the agreement. This partnership has an initial term of 10 years, with a 10 year renewal term.
Stellar Financials Reported for 2021
SCR reported a Q2 2021 total gaming handle of USD$81.6 million, up an impressive 46% from Q1 2020 and up an astounding 491% from the same period of the previous year. Media revenue reportedly increased by 17% from the same time period of the previous year, setting a Q2 record for the company with USD$8 million having been generated.
Where is SCR Headed?
With such a strong number being reported and so many recent and upcoming developments, SCR stock prices seem poised to rise. Time will tell if SCR is able to capitalize on all these opportunities and sustain the growth it has been enjoying for the past few months.