theScore Bet is Positioned for Success in Alberta
PENN Entertainment’s CEO, Jay Snowden has discussed tall expectations for theScore Bet brand preceding Alberta’s regulated gaming market. On Q2’s earnings call, he mentions that they’re aiming for Alberta to be a “top three or four” market for their brand.
The Alberta gaming market is speculated to commence in late 2024 or early 2025. With both online sports betting and online casino operations, theScore Bet believes they can leverage their brand to capture significant market share in this new Canadian market.
Snowden mentions, “We would anticipate that the success we’ve seen in Ontario with theScore and theScore Bet, we would be able to replicate that in Alberta.”
He further goes on to state that theScore and its brand is powerful throughout Canada and isn’t confined to Toronto or Ontario.
With high levels of confidence in their brand and operations, PENN feels strong entering The Alberta market.
Similar Market Conditions Make Success Replicable
Jay Snowden also noted the sentiment around tax rates in relation to Ontario’s market. While this hasn’t been decided by the Alberta government just yet, there have been industry professionals advocating to maintain the 20% tax rate currently imposed in Ontario.
With successful data of operators entering Ontario with a 20% tax rate, advocates note that a higher rate might deter them. In addition, Alberta will want to create similar market conditions to replicate Ontario’s success.
Nonetheless, the Canadian Gaming Summit which was held in June in Toronto provided clear indication as to the large opportunity that lies within Alberta’s unexplored iGaming economy.
Many operators within Ontario are also likely experiencing high brand visibility throughout the country. Leveraging things like nationwide advertising and at times running unlicensed operations will be a factor to note when assessing the impact of first movers’ advantage. While this is something to note gearing up for the market, theScore Bet seems to be in an advantageous position.
