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Basketball fever gripped Canada as its national men's basketball team beat Greece in the opening game on Tuesday, June 29, starting its quest to enter the FIBA World Olympic Qualifying Tournament.
While Greece led in the beginning, Canada managed to finish strong by beating its opponents 97-91 with the help of young NBA stars Andrew Wiggins and RJ Barrett.
Canada is now set to play against China on Wednesday, June 30, in an empty arena in Victoria. With some COVID-19 restrictions being lifted, fans might be able to attend the games in limited numbers starting Thursday, July 1.
As more sports enthusiasts explore the legal options of betting on games, there is a chance that some gaming stocks may pick up pace amid the basketball fever in Canada.
On that note, let’s take a look at TSX-listed gaming company Score Media and Gaming Inc. (TSX:SCR), which has soared 71.6 per cent year-to-date (YTD).
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Score Media and Gaming Inc. (TSX:SCR)
Score Media's 'theScore' app is believed to be the most popular sports media app in Canada, reaching at least 3.75 million users in a year.
In Q2 2021, theScore Bet's total gaming handle recorded an increase of 491 per cent year-over-year (YoY). Its media revenue increased to C$ 8 million, up 17 per cent YoY, in the same quarter.
Further strengthening the company's balance sheet, Score Media managed to increase the worth of its cash and cash equivalents to C$ 44.7 million in Q2 2021.
On the stock front, SCR scrips posted a one-year growth of about 248 per cent, beating the TSX 300 Composite Index's jump of 165 per cent in the same span.
Having closed at C$ 25.74 on Tuesday, SCR stock soared by 27 per cent in the last one month.
On June 22, the Canadian Senate passed Bill C-218 that aims to legalize single-event sports betting in the country. The bill is now eligible to receive Royal Assent and may soon come into force.
This move is expected to boost the prospects of the betting industry, which, in turn, could be beneficial for Score Media.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from investment point of view.
