About this app
About Xmas Royale
Canada-based Score Media & Gaming may have just scored a game-winning touchdown. In an announcement made after markets closed yesterday, the company behind theScore and Score Bet sports gambling brands has launched an initial public offering (IPO) as it goes live on the Nasdaq Global Select Market (NGSM). The move follows on the heels of Canada’s preliminary approval of single-event sports wagers, which is expected to greatly benefit Score Media, and could quickly lead to the company’s stock price skyrocketing.
Score Media announced that it is selling five million shares, fewer than previously expected. The company had changed gears with its public launch, announcing last week a reverse split that would cut out some of the available shares while increasing the per-share price. It has already found support, with underwriters Canaccord Genuity, Credit Suisse, Macquarie Capital and Morgan Stanley able to purchase another 15% on top of the initial five million shares. Should they exercise that option, there would be a total of 5.75 million shares available. The underwriters have 30 days to make up their minds, which will give it time to see how the market reacts.
Several gaming entities have jumped into public trading recently, most notably, DraftKings. It saw a huge response when it launched its IPO last year, and Score Media hopes it can see a similar response. With operations in Canada, Colorado, Indiana and New Jersey, heavy interest is not out of the question, and the company is ready to capture a larger piece of the market. It added in its announcement, “[Score Media] currently expects that the net proceeds of the offering will be used to fund working capital and other general corporate purposes, including the continued growth and expansion of theScore Bet’s operations in the United States and Canada by supporting the multi-jurisdiction deployment and operation of theScore Bet and user acquisition and retention in jurisdictions where theScore is, or will be, operating.”
What is Xmas Royale?
Voters in DeKalb and Steuben will also weigh in on casino authorization. House Bill 1038, signed by Indiana Gov. Mike Braun (R) in March, authorizes a single casino in one of the three counties.
The law came at the request of Full House Resorts, the Las Vegas-based regional gaming operator that expressed interest in relocating its Rising Star Casino in Rising Sun to a more attractive market, specifically in the northeastern part of the state.
During the lawmaking process, Full House’s exclusivity was stripped in favor of welcoming any company currently licensed as a commercial casino in the US to bid on the possible license. Lawmakers also threw in a one-time $150 million fee for the concession and a mandatory investment minimum of $500 million, all but ending Full House’s interest.
About Xmas Royale
If approved, the funds would hold baskets of the CME-traded derivatives. LeagueShares went a step further by adding a filing for 2x leveraged MLB futures funds.
“Of course there’s already a filing for daily leveraged futures baseball ETFs — which are basically the equivalent of a corked bat with eight holes drilled in the handle that’s been dipped in pine tar,” wrote Ben Johnson, head of client solutions at Morningstar, on X.
As of yet, the Securities and Exchange Commission (SEC) hasn’t approved the aforementioned NHL futures ETFs.
