Why Score Media (TSX:SCR) Stocks Are Trending?

Summary

  • Stocks of Canadian esport company Score Media and Gaming Inc (TSX:SCR) have been trending the equity markets for a while now.
  • Score Media announced on Wednesday that its sports betting platform theScore Bet has officially been launched in Iowa.
  • Another big event for the company took place on Tuesday, as a bill that would allow people to legally bet on single-event sports passed its first vote in Canada’s House of Commons.

 

Stocks of Canadian esport company Score Media and Gaming Inc (TSX:SCR) have been trending the equity markets for a while now. On Thursday morning, February 18, the gaming stock registered a growth of nearly six per cent as of 11.15 AM EST while trending high the Toronto Stock Exchange for its recent price performance.

What is driving Score Media stock upwards? Let’s take a look.

 

Score Media and Gaming Inc (TSX:SCR)


On Wednesday, February 17, Score Media announced its sports betting platform theScore Bet has officially been launched in Iowa, taking its US market expansion beyond Colorado, Indiana and New Jersey.

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Another big event for the company took place the day before, on Tuesday, as a bill that would allow people to legally bet on single-event sports passed its first vote in Canada’s House of Commons.

There have also been an undercurrent of speculation recently regarding Dave Portnoy, founder of media firm Barstool Sports, having taken a significant stake in Score Media. While Mr Portney did not directly reveal any names, he reportedly hinted at a recent live event that the company he invested in “rhymes with ‘the door’” and that he had to figure out the route make his investment as the company was not American.

Score Media saw an upward swing in its stock price over the past year as more people turned to online sports and entertainment sources amid the stay-at-home public measures for the pandemic. The esport stock zoomed by about 675 per cent in the last six months and by about 236 per cent year-to-date (YTD).

In February so far, Score Media stocks have climbed by over 71 per cent.


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