On June 1, theScore Bet announced it would be discontinuing its U.S. sports betting operations as of July 1. Penn National Gaming bought the Canada-based company eight months ago and has been moving steadily toward using its Barstool Sportsbook platform as its U.S. brand and theScore Bet as its Canadian brand.
According to theScore Bet website, customers are encouraged to move Barstool Sportsbook in the U.S., though the two platforms do not share a digital wallet, and customers will need to create a new account on Barstool Sportsbook, which is live for sports betting in 12 U.S. states. In New Jersey, Barstool Sportsbook offers sports wagering and iCasino.
The move will not affect customers in Ontario, or any other Canadian provinces, as theScore Bet will be the company’s front-facing brand there.
While theScore Bet will remain active in New Jersey and other states until July 1, the company, in a newly posted list of FAQs, shared that new bets and account deposits will be accepted until June 15. After that, any existing bet that will be settled by July 1 will be paid out. Customers can withdraw funds but cannot place wagers between June 15-July 1.
The timetable aligns with the conclusion of both the NBA and NHL playoffs, meaning that futures bets on both will finish ahead of July 1 and be paid out. As of Tuesday, the Boston Celtics and Golden State Warriors are tied at one game apiece. In the NHL, the Colorado Avalanche secured a spot in the Stanley Cup Finals while the New York Rangers lead their semifinal series with the Tampa Bay Lightning, 2-1, heading into Tuesday night’s Game 4.
How funds will be returned to customers
According to theScore Bet’s FAQs “Open bets on events that will be completed on or before July 1, including the entirety of the NBA and NHL playoffs, will remain active and settle as usual.” The company will contact bettors with futures bets that extend past July 1 to determine the status of those bets.
Here’s a look at how theScore Bet will handle funds between now and July 1:
- theScore Bet encourages consumers to withdraw all funds by July 1, 2022. If a consumer does not make an online withdrawal, the company will mail a check for the remaining account balance.
- It’s not necessary to close a theScore Bet account. Accounts will expire when service is discontinued.
- Consumers will not be able to cash out on existing wagers after June 15, 2022.
- Customers with suspended or timed-out accounts can withdraw funds online.
The decision to shutter the U.S. version of theScore Bet will allow the company to focus its efforts in Canada, where wagering went live in Ontario on April 4 and where theScore Bet has a strong foothold. The company traces its roots to its sports media arm, theScore, based in Ontario Province, and its theScore media platform will still be available in the U.S.
“This move enables us to maximize the value of both brands through our organic media and gaming approach. Key to our strategy is integrating theScore media app with Barstool Sportsbook, which we’re currently working towards,” Benjie Levy, president and COO of theScore, told Sports Handle last week. “Bringing together theScore’s powerful mobile sports media platform with Barstool Sportsbook in a unified ecosystem, supported by our in-house technology and custom integrations, will strengthen the overall U.S. product offering and broaden its reach.”
Image courtesy of theScore Bet