2 Gaming Stocks To Buy As Canada Sports Betting Bill Heads For Senate

Summary

  • In a bid to make single-event sports betting legal, members of the House of Commons passed a bill on Thursday, April 22.
  • Bill C-218 has been sent to the Senate for reading and adoption.
  • Score Media CEO John Levy said in a statement that this development comes as a huge step for the industry.

In a bid to make single-event sports betting legal, members of the House of Commons passed a bill on Thursday, April 22, and sent Bill C-218 to the Senate for reading and adoption. So as this bill nears legalization, let's take a look at two gaming stocks – Score Media and Gaming (TSX:SCR) and Bragg Gaming Group Inc. (TSX:BRAG) stock.

Presently, at least two events are required in most legal sports bets in Canada. Score Media CEO John Levy said in a statement that this development comes as a huge step for the industry. The company said that in terms of annual gross revenue, the market potential for online gaming is between US$ 3.8 and US$5.4 billion.

Score Media and Gaming (TSX:SCR)


Score Media and Gaming enables millions of sports fans to try their luck in sports betting. Its app 'theScore' is famous across North America.

The C$ 1.2-billion market cap company saw its stock soar by 412 per cent in a year. The year-to-date (YTD) growth of the stock is 48.5 per cent. 

1-year chart of stock performance of Score Media (Source: Refinitiv/Thomson Reuters)

Last week, Score Media released its second-quarter fiscal 2021 financial results which reported a media revenue of C$ 8 million, up from C$ 6.8 million in Q2 FY20. Its cash and cash equivalents expanded to C$ 44.7 million in Q2 2021.

Bragg Gaming Group Inc (TSX:BRAG)


Bragg Gaming Group, a North American innovative online gaming solution provider, has been expanding its business globally and now has a presence in Europe. According to the data on TMX, Bragg Gaming's market cap stands at C$ 365 million and its price-to-book (P/B) ratio is 5.444.

1-year chart of stock performance of Bragg Gaming (Source: Refinitiv/Thomson Reuters)In a year, the BRAG stock saw a significant growth at 532 per cent. It grew by about 158 per cent in the past six months.

Bragg Gaming posted a revenue of C$ 68.7 million in fiscal 2020, an increase of 74.6 per cent year-over-year (YoY). Its adjusted EBITDA increased to C$ 8.2 million, up by 432.8 per cent YoY, in the same period. 

The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view.


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