- Score Media has recently gone public on the NASDAQ.
- Score Media’s shares have boomed following speculation that DraftKings may move to acquire the company.
- No confirmation from either DraftKings or Score Media has been made about the potential takeover.
BOSTON – Score Media & Gaming has seen a lot of success in the legal sports betting arena and has recently become a publicly-traded company on the NASDAQ.
With the success of theScore Bet sports betting mobile app, some investors are expecting growing interest from DraftKings to become a full-on takeover.
While no confirmation has come from either company, Score Media’s shares have seen steady increases as rumors continue to spiral.
DraftKings Seeking Growth
With theScore gaining traction in the legal sports betting market, it is understandable why the operator would be an attractive acquisition for other entities.
Since going public, theScore’s parent company has seen an influx in interest from many established legal sports betting operations. DraftKings has seen the most rumors surrounding a possible purchase of Score Media.
This has had a positive effect on Score Media’s bottom line, with shares seeing 6% gains as rumors continue to grow.
While the speculation surrounding DraftKings purchasing theScore is putting investors in a frenzy, theScore is not the only media company rumored to be on DraftKings’ radar. Meadowlark Media, Run It Once poker brand, and X Games are all potential acquisitions.
“It’s no surprise to see that all rumored targets are media companies,” said Shadd Dales, an industry insider.
The reason many experts believe DraftKings is looking to purchase more media outlets is to expand its market share is the ever-growing presence of Barstool Sports.
The sports media company has already become a major player on the market, topping DraftKings in its first 10 days of operation in Michigan. DraftKings is looking to maintain its edge against the Penn National product with a potential purchase of theScore.
This is it. This is the graph. And keep in mind it still doesn’t include ad spend. Other gambling companies need to spend millions and give away millions in bonuses to compete with us. It’s paying for headlines and publicity vs being the headline. Good luck. $penn pic.twitter.com/lmzo9EsvN2
— Dave Portnoy (@stoolpresidente) February 17, 2021
This is all speculation at this time. There has been no confirmation from either DraftKings or theScore whether or not a conversation is even being had between the legal sportsbooks.
For now, theScore continues to enjoy the early success of being a publicly-traded legal sports betting entity on the market.
Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.