Penn meets ambitious migration timeline as theScore Bet goes live on new tech platform
TheScore Bet has launched on its newly built in-house technology platform, just one year after being acquired by Penn National Gaming.
PNG agreed a $2bn cash and stock deal to acquire Score Media and Gaming in August 2021.
At the time, the US operator cited the chance to take control of its own technology journey as a key reason for the purchase and revealed an ambitious migration timeline to investors.
As of yesterday (25 July), theScore Bet – which is PNG’s Canada-facing sportsbook brand – is up and running on its own technology stack.
The new software covers all components, including a risk and trading platform, a player account management platform (PAM) and a custom promotion engine.
It was built by theScore Bet’s in-house product and engineering teams. The project was led by UK trading veteran Patrick Jay, who was recruited as SVP and head of sportsbook in September 2021.
PNG said the migration would significantly enhance theScore Bet’s mobile product offering in Ontario, where it has become a sports betting market leader since going live on 4 April – otherwise known as launch day for the province’s newly regulated wagering market.
Platform upgrades include increased in-play betting options, event props and markets, while its proprietary Parlay+ feature will go live across all major league sports in the autumn.
PNG CEO Jay Snowden: “This vertically integrated platform will increase our ability to engage and retain customers, drive more flexible pricing, provide valuable savings on third-party platform costs, and allow us to deliver the most personalised product experience in the market.”
“The completion of theScore Bet’s technology stack is a milestone accomplishment that significantly strengthens our online betting capabilities, mobile product offerings and overall integrated media and betting ecosystem,” said PNG CEO and president Jay Snowden.
“This vertically integrated platform will increase our ability to engage and retain customers, drive more flexible pricing, provide valuable savings on third-party platform costs, and allow us to deliver the most personalised product experience in the market.”
TheScore Bet was previously powered by Bally’s-owned sportsbook supplier Bet.Works.
The rollout of theScore Bet is only the first step in PNG’s ambitious migration plan. The operator intends to migrate its US-facing Barstool Sportsbook brand – which is currently powered by Kambi – onto the same platform in Q3 2023.
PNG forecasts a positive medium-term EBITDA impact of $90m through to 2026 as a result of bringing the technology in-house, with long-term upside of $195m. The operator reported annual adjusted EBITDA of $1.54bn for full-year 2021.
“We’re thrilled to have this technology deployed in Ontario and are diligently working toward migrating the Barstool Sportsbook in the US to the platform in Q3 2023, after which we will begin to realise the full benefits of our in-house, custom designed technology,” added Snowden.
TheScore CEO John Levy said the new platform would “supercharge” the brand’s ability to roll out new features on a custom-built operating system.
“From the outset, achieving technology independence has been a core priority of ours and I could not be prouder of the incredible team who built this state-of-the-art platform from the ground up,” he added.