Two reports state it's been a solid launch for theScore Bet in Ontario's sport-betting marketplace.
A report by Barclays Equity Research states theScore Bet and bet365 finished tied for the most sports app downloads in Ontario over the first 10 days of the full launch of single-game sports betting in the province. Meanwhile, another from Morgan Stanley had theScore solidly ahead in app downloads according to data through Tuesday.
Single-game sports betting has been legal in Canada since last summer but the industry didn't fully open in Ontario until April 4.
The Barclays report stated theScore Bet and bet365 both had 24 per cent of downloads over the first 10 days of the launch. FanDuel was third at 20 per cent while BetMGM was fourth at 11 per cent.
The report stated that DraftKings was not yet launched.
TheScore Bet is a subsidiary of Penn National Gaming, Inc., and headquartered in Toronto.
The top four operators listed in the Barclays report accounted for 79 per cent of the downloads. The report listed 888 (six per cent) in fifth place, just ahead of Betway (five per cent). Others combined to make up the final 10 per cent.
Morgan Stanley listed theScoreBet with a 35 per cent share, followed by bet365 (27 per cent), FanDuel (16 per cent), BetMGM (nine per cent), Betway (four per cent), PointsBet and BetRivers (three, two per cent) and CZR, 888 and LeoVegas (one per cent each). The report said theScore Bet's download share peaked at 65 per cent April 4 but has recently settled in at 18 per cent.
By comparison, Bet365's share has increased from 14 per cent April 4 to 30 per cent within the last five days. Stanley Morgan added given not all major American operators are live in Ontario, the expectation is further share shifts over the coming months.
The April 4 launch means people in Ontario can now bet on casino games, sporting events and other gambling activities through online websites and smartphone apps from operators registered to run activities in the provincially regulated market. However, many bettors in the province have been active for years in the so-called "grey market," with their wagers going offshore.
Now, though, the industry is regulated and the Ontario government will secure revenues from it.
This report by The Canadian Press was first published April 21, 2022.
The Canadian Press
