Score Media and Gaming (theScore) packing up and heading to the shore.
Earlier this week, the company behind theScore Bet announced new headquarters in the Waterfront Innovation Centre on Sugar Beach. The deal, announced with Menkes Developments and BentallGreenOak (property management), gives theScore 80,000-square-feet of Waterfront’s The Exchange. That’s more than 85% of the building’s footprint.
Since 1997, the digital media and sports betting leader has deep roots in Canada’s most populated city. TheScore’s new space will allow the company to easier accommodate growing business needs and house its rapidly expanding workforce.
“As our technology-driven business has grown across North America, so too has theScore family,’ said CEO John Levy. “Particularly in product development and engineering, with new team members joining every week.
Levy said the company particularly appreciates the opportunity to design an ideal work environment at The Waterfront. And there’s excitement about finding a home in Waterfront’s innovation hub.
“We are committed to supporting our strong Toronto roots, continuing to grow our operations and workforce, and are thrilled to do so in a new, state-of-the-art waterfront office space,” Levy added.
“We are excited that it will be our home for many years to come.”
High-tech team effort
The Waterfront’s design lends itself to an open, collaborative and tailored office space. In particular, the technology company will benefit from the ultra-high-speed broadband fibre-optic network.
Impressively, Waterfront’s built-in tech delivers whip-fast connection speeds and sophisticated audio-visual tools.
“This is an exciting partnership for us, and we are proud to bring a like-minded company into our unique space,” said Menkes president, Peter Menkes. “We believe the Waterfront Innovation Centre will set them up for success through an environment that fosters collaboration.”
Designed by Toronto’s Sweeny & Co Architects, the 475,000-square-foot Waterfront Innovation Centre houses two buildings. Within are three distinct, interconnected parts: The Exchange, The Hive, and The Nexus, a public square connecting the others.
The state-of-the-art centre boasts high-speed broadband (partially fuelled by self-generating solar power), floor-to-ceiling windows, and spacious collaboration rooms.
Wheelin’ and dealin’
TheScore’s new headquarters isn’t the only big news for the company this month.
On August 5, 2021, they announced an agreement with Penn National Gaming (Penn National). With that deal, worth almost CA$2 billion, Penn National acquires theScore outright.
Penn, however, intends to operate theScore as a stand-alone business, with the Levy Family at the helm.
In part, Penn was drawn to theScore for its ready access to Canadian expertise. The parent company expects to leverage Canada’s world-class technology talent to expand in Toronto as the business scales.
Another positive in theScore’s favour? Canada’s recent legalization of single-event sports betting.
The law, which passed the Senate on June 22, offers substantial opportunities for growth in Canadian markets. Ontario is of particular interest to private operators as it prepares to invite competition into its online gambling market.
The legal change goes into effect Aug. 27. Provincial lotteries are expected to be first out of the gate with expanded sports betting options.
Ontario’s open market, however, is estimated to launch by the end of the year.
Political points
Local politicos found time to weigh in on theScore’s announcement too.
According to Ontario Minister of Economic Development, Job Creation, and Trade, Vic Fedeli, theScore’s decision makes sense.
Fedeli cited Ontario’s deep talent pool, innovative ecosystem, and competitive business costs as reasons businesses should invest in Ontario. And importantly, he acknowledged the impact businesses like theScore have on the provincial economy.
“Leaders in Ontario’s tech and entertainment sector like theScore will be at the forefront of our economic growth and recovery as we proceed out of the pandemic. We congratulate theScore on their expansion in Toronto and for their continued support of homegrown tech talent.”
Even Toronto Mayor John Tory had something to say.
“The decision made by theScore to lease space at Toronto’s Waterfront Innovation Centre is not only a testament to the continued growth of our technology and innovation sector,” said Tory. “But it will act as another confidence boost as we move forward in our pandemic recovery.”
Tory also highlighted Toronto’s history as a place businesses come to grow and praised theScore for reaffirming that.
“The decision by theScore will help further amplify that Toronto story.”
