PENN Entertainment has reportedly laid off 75 workers at theScore, a Canadian sports media and gaming company.
Canadian Business Gaming (CGB) reported the staff reduction, with the workers told on Thursday last week that they were no longer required.
“These changes reflect the ongoing evolution of our digital business,” a company spokesperson told CGB on Friday. “Under the leadership of key recent product and technology hires, we are structured to advance our online strategy and efficiently grow our business.”
Several journalists took to X to post news that they were included in the layoffs. Anthony Lopopolo posted, “I’m exceptionally proud of the work I did for @theScore over the last decade as one of the newsroom’s most senior writers and editors. Unfortunately, I was part of Thursday’s mass layoff that upended one of Canada’s best sports brands.”
Others appealed for new work in the industry, for example, journalist Nick Faris wrote, “I’m a free agent because of the job cuts at @theScore. I leave with immense pride in our team’s reporting and analysis. I told stories about every major sport, and I’m grateful for the support of great colleagues and trust of interview sources. DMs are open to discuss what’s next.”
The company is moving away from the sports news content side and focusing more on online gambling with the recent launch of theScore casino in Ontario. In addition to the launch of its first online casino in Canada, theScore also aims to launch in Alberta when the province opens up its regulated betting market.
PENN acquisition strategy under criticism
PENN acquired theScore in 2021 for around $2 billion following the company’s launch of sports betting in New Jersey two years earlier. Under theScore Bet, the platform went live in Ontario’s newly regulated gambling market in April 2022.
PENN has received heavy criticism from investors for its investment strategy. Shareholder company HG Vora said the company has conducted “value-destructive deal-making, reckless capital allocation and poor execution” in endeavours such as theScore in Ontario and Barstool Sports before abandoning the project to launch ESPN Bet.
Barstool Sports was sold back to owner Dave Portnoy for $1 in 2023 as the company was unable to secure betting licenses. PENN paid $550 million to acquire the company.
The failure prompted a change in strategy and the company went for more trusted brands in the form of ESPN Bet, but paid a hefty $2 billion for the venture, the same fee as theScore.
Since the launch in 2023, PENN’s interactive division, encompassing ESPN Bet, theScore Bet, and Hollywood Casino, generated revenue of $960 million in 2024, up from $719 million in 2023. Despite revenue growth, the division’s annual losses increased from $403 million in 2023 to nearly $500 million in 2024.
The company’s CEO, Jay Snowden, remains confident the company will turn fortunes around and recently invested around $500,000 to acquire an additional 34,000 shares.
Adam is an experienced writer with years of experience in the gambling industry. He has worked as a content writer and editor for five years on sites such as Oddschecker, CoinTelegraph and Gambling Industry News, bringing excellent knowledge of the world of sports betting and online gambling. Adam focuses on emerging stories in the ever changing landscape of betting in the US. Read the latest on prediction markets, changing legislation, and sweepstakes.
