Chelsea FC Announces Partnership With Parimatch

Chelsea Football Club has signed a three-year partnership with the international tech and betting company.

Parimatch Tech, an international product company that promotes the Parimatch brand globally and provides tech and marketing solutions in the betting and entertainment industry, has signed a partnership agreement with Chelsea for the next three seasons.

Parimatch will use Chelsea’s bold and ambitious brand and will utilise a wide array of digital, social and logistical assets to create mutual branding opportunities. Follow @parimatch for the opportunity to win prizes and exclusive matchday experiences throughout the season.

Guy Laurence, Chelsea FC’s CEO, said: ‘Both Chelsea and Parimatch strive for greatness. We are bold, ready to innovate and, most importantly, we were both born to win.

“Last year was immensely successful for Parimatch as they expanded and opened new markets, while launching several game-changing projects. Chelsea also showed its excellence, becoming European champions for the second time in our history! We are excited and proud of this partnership and the opportunities it brings.’

Roman Syrotian, со-CEO at Parimatch Tech, added: ‘Chelsea’s unique style, determination and charisma resonate perfectly with Parimatch’s passion for sport and ambition. Becoming an official partner of 2020/21’s European champions is a great thrill and responsibility.

“Luckily, Parimatch is all about conquering new heights and unwinding emotions, and we are so excited for the next three years that this partnership is about to bring! As our two brands are used to winning in style and striving for success, we are very confident that this partnership will bring luck, countless victories and the thrill of the game to our company, to the club, and, in turn, to the millions of football fans across the globe.’

Infront Appoints FIFA Head of Sales Christopher Axer To New Role

Infront has appointed Christopher Axer to head up the ProSports division’s Central Sales team based at its Zug headquarters. Axer joins on October 1 after almost 15 years at world football governing body FIFA, where he is currently Head of Sales.

Following various roles within FIFA, Axer moved into sponsorship sales and for the last 10 years has negotiated major commercial deals for FIFA’s World Cup competitions across all levels and volumes. A German national, Axer has led FIFA’s global sponsorship programme for the last three years, during which he established an entirely new sales team with six direct reports.

As FIFA Head of Sales, Axer was instrumental in developing and rolling out the FIFA World Cup Qatar 2022™ sales strategy as well as in shaping FIFA’s new commercial programme for the 2023-2026 cycle.

Michael Witta, Infront Vice President Marketing Sales & Services said: “Chris has gathered extensive   experience from both the brand and rightsholder side, and it is this track record in the sponsorship space that makes Chris a valuable asset in leading Infront’s sales team to new heights.”

Axer said: “I am very excited to join a global leading player like Infront. This represents an exceptional opportunity for me to work on a series of prestigious world sports events, while bringing in my experience to contribute to Infront’s objectives with a team of great professionals.”

McLaren Racing Announces Agreement To Acquire Majority Stake In IndyCar Team Arrow McLaren SP

McLaren Racing has taken the next step in its full-time return to IndyCar by announcing today that it has entered into an agreement to acquire a majority share in the Arrow McLaren SP IndyCar team. The transaction will close by the end of the year and will see McLaren Racing take a 75% share of the team. Financial terms of the deal are not being disclosed. 

The agreement comes at the inaugural NTT INDYCAR Series race in Nashville, Tennessee, midway through the second season of the McLaren Racing partnership with Schmidt Peterson Motorsports. 

The team was originally founded by Sam Schmidt in 2001, with Ric Peterson joining in 2013 to form Schmidt Peterson Motorsports (SPM). The team ran one of the most successful Indy Lights programs in recent times, securing seven drivers’ championships, while in the INDYCAR series it has claimed 13 pole positions and 27 podiums including nine race victories, two as Arrow McLaren SP. 

The team will be governed by a new five-person board, comprising three McLaren Racing appointees together with Sam Schmidt and Ric Peterson, chaired by Zak Brown, CEO of McLaren Racing. Taylor Kiel, President of Arrow McLaren SP, will continue to lead and oversee the operations of the team, reporting directly to the board. 

McLaren returned to full-time IndyCar competition in 2020 after a 40-year absence to create Arrow McLaren SP, forming a strategic partnership with title sponsor Arrow Electronics and SPM, bringing technical and engineering expertise to the existing operation. In addition, McLaren has helped strengthen the team’s commercial portfolio with the addition of sponsors Vuse, Mission Foods, Darktrace, Tezos and QNTMPAY while supporting the team’s communications, social and content activities to help build its growing fanbase. 

The announcement underlines the continued growth of the McLaren Racing organisation, with four fully-fledged teams, headed by McLaren F1 and complemented by the McLaren IndyCar, McLaren Extreme E and McLaren Shadow esports and gaming teams. 

Zak Brown, CEO, McLaren Racing commented: 

“Today’s announcement is a strong signal of our long-term commitment to IndyCar as both a racing series and a marketing platform for McLaren Racing and our sponsor partners. 

“I want to pay tribute to Sam Schmidt and Ric Peterson who, together with the commitment and support of Arrow Electronics, have built a formidable team for us to keep growing and fulfil our common ambition of consistently challenging for wins, Indy 500s and series titles. Key to this is the continued leadership of Taylor Kiel as president of the team, who has been instrumental to the progress of the partnership so far. 

“McLaren Racing believes IndyCar will continue to build our brand in North America, serve our expanding US fan and partner base across our racing portfolio and drive long-term value. The racing is second-to-none, with world-class competitors in both drivers and teams and a passionate, highly engaged fanbase. 

“We see real potential for the series’s continued growth under the stewardship of Penske Entertainment and will continue to play an active role supporting the sport’s success, growing the global fan base and implementing our sustainability agenda to deliver on environmental and social commitments, including progressing diversity and inclusion in the industry.” 

Sam Schmidt, Co-owner, Schmidt Peterson Motorsports, commented: 

“I’ve known Zak for 25 years. He’s a racer and this is a group of hardcore racers. We started our partnership two years ago and it’s gone extremely well, both technically and commercially. Ric came in 2013 and moved the bar of the team up. Arrow came in a couple of years later and again we moved the bar up. 

“With McLaren we’re moving forward again. As we’ve seen we’re now a regular contender and ultimately for Ric and I, we are here to win races, win 500s and win championships. This next step ensures the resources to do that for a long time ahead. 

“I want to say that we couldn’t have done this without Arrow and Lucas Oil. They really were the foundational sponsors this team was built on and we wouldn’t be here without them. McLaren is an iconic brand and we’re proud to be with them. We’re doing this to make the team better and ensure long-term success.” 

Ric Peterson, Co-owner, Schmidt Peterson Motorsports, commented: 

“We always believed that to accelerate our progress in IndyCar, partnering with a team of McLaren’s capability and F1 experience was a key strategy to propel us forward, and so it has proved. McLaren Racing now takes the baton and will combine the best of what they do with the best of what this team does to create something truly special. 

“Sam and I are immensely proud of what we have built together through our partnership over the past nine years, and look forward to continue being part of this team as a partner with McLaren Racing to see Arrow McLaren SP go from strength to strength.” 

Mike Long, CEO and President, Arrow Electronics, commented: 

“As title sponsor to Arrow McLaren SP since the team’s very early days and a strategic partner to McLaren Racing, we couldn’t be more pleased to see these two world-class organizations come together as one going forward.

“Our partnership with Sam, Ric and Zak is built on a shared passion for innovation, winning, and the belief in the power of technology to make life better, as evidenced by our work on the Sam Car, Sam Suit, and the UK Ventilator program. 

“We are very happy with both teams in Indy and F1 and believe we have some of the hardest-working and fastest drivers and crew in the sport, and we are only getting started. Arrow stands proudly behind the teams. We look forward to many more wins to come.” 

DraftKings and Genius Sports Sign Transformative NFL, Official Sports Data, Same-Game Parlay, and Fan Engagement Agreement

Genius Sports has announced a new supplier agreement with DraftKings, leading sports betting and gaming operator in the U.S., to provide its full range of official sportsbook data and content and fan engagement solutions, including a complete suite of NFL-related products.

The agreement with DraftKings signifies the international adoption of official sports data across the sports ecosystem. As part of the agreement, DraftKings will leverage Genius Sports’ unique technology to help power immersive and personalized live experiences for millions of fans. DraftKings will also gain access to Genius Sports’ proprietary, official data and live video feeds from over 170,000 events per year, including its official NFL data products, dynamic content and player acquisition and retention solutions.

In April 2021, DraftKings was selected as one of the NFL’s tri-exclusive official sports betting partners. In the same period, Genius Sports became the league’s exclusive distributor of real-time official play-by-play statistics, proprietary Next Gen Stats (NGS) data, and official sports betting data feed. DraftKings will also become one of the first betting operators to implement a full Genius Sports NFL offering, including NGS, that powers the full player lifecycle, from new acquisition to pre-and in-game engagement, as well as long-term retention.

With this collaboration, DraftKings will expand its official sports data portfolio, allowing customers access to secure, authorized, and official data from top-tier leagues beyond the NFL such as the English Premier League, Liga MX and NASCAR. Through these official live streams, DraftKings users will be able to wager on hundreds of new competitions, including Argentine and Colombian soccer, and the American Hockey League, further reinforcing the business’ position as a provider of world-leading live betting products.

As part of this partnership, DraftKings will also deploy BetBuilder, Genius Sports and Sportcast’s fully automated same-game parlay solution for the NFL, NBA, NHL, MLB and major soccer competitions.

“Our customers are at the forefront of all we do and we are always working to better their experience and our products,” said Ezra Kucharz, Chief Business Officer, DraftKings. “The mutually beneficial terms of this agreement allow us to leverage Genius’ technology for years to come. We are excited to expand on the capabilities of our products and provide new and exciting features for our customers like same-game parlays, while having confidence in the integrity of the data we utilize to fuel our offerings.”

“Being selected by DraftKings, one of the most prolific sportsbook brands in the US, is another historic achievement for Genius Sports,” said Mark Locke, CEO at Genius Sports. “This partnership reinforces our commitment to official sports data and demonstrates its intrinsic value in helping our sportsbook partners stand out from the competition. Our data, trading, streaming and marketing services deliver a complete set of sportsbook solutions that are backed by the largest leagues in world sports, including the NFL.”

“We have invested heavily to ensure that our official data is the fastest, richest and most accurate available, and are committed to continued innovation,” said Christopher Halpin, NFL Chief Strategy & Growth Officer. “With Genius, DraftKings and the NFL working together on official sports data, we will help create a highly engaging, secure and sustainable sports betting environment for fans to enjoy.”

Real Madrid and Barcelona Attack LaLiga Over New CVC Deal

Real Madrid and Barcelona have launched an attack on LaLiga after details were released earlier this week about a new deal the league has arranged with CVC that sees the company buy 10% of LaLiga.

Real Madrid’s announcement reads:

In light of the announcement of the agreement between LaLiga and CVC Capital Partners, Real Madrid states the following:

– This agreement was reached without the involvement or knowledge of Real Madrid and today, for the first time, LaLiga has given us limited access to the terms of the agreement.

– The clubs have signed over their audiovisual rights exclusively for their sale on a competitive basis for a period of three years. This agreement, by way of a misleading structure, expropriates 10.95% of the clubs’ audiovisual rights for the next 50 years, in breach of the law.

– The negotiation was carried out without competitive proceedings and the financial conditions agreed with CVC Capital Partners give them annual returns of over 20%. This opportunistic fund is the same which tried and failed to reach similar agreements with the Italian and German leagues.

– Real Madrid cannot support a venture which hands the future of 42 Primera and Segunda División clubs over to a group of investors, not to mention the futures of those clubs who qualify over the next 50 years.

– Real Madrid will convene the Assembly of Representative Members to debate the agreement and discuss the significant loss of equity, unprecedented in our 119-year history.

While Barcelona have stated:

FC Barcelona, after analysing LaLiga’s recent announcement of a strategic agreement with the CVC international investment fund, wishes to express the following position:

FC Barcelona considers that the operation that has been announced has not been sufficiently discussed with the clubs (the owners of the TV rights); that the amount is not congruent with the years of duration, and the deal affects part of all clubs’ audiovisual rights for the next 50 years.

FC Barcelona feels it is inappropriate to sign a half-century agreement given the uncertainties that always surround the football world.

The terms of the contract that LaLiga is describing condemn FC Barcelona’s future with regard to broadcasting rights.

FC Barcelona wishes to express its surprise at an agreement driven by LaLiga in which the teams’ opinions, including those of FC Barcelona, have not been taken into account. There has not even been a presentation of options offered by other competitors in order to evaluate the pros and cons in a post-pandemic situation in which there are still many questions that are left unanswered

UFC And Panini America Partner To Deliver Historic, First-Ever UFC NFT Trading Cards

UFC®, the world’s premier mixed martial arts organization, and Panini America, the world’s largest licensed sports and entertainment collectibles company and the exclusive trading card manufacturer of UFC, announced today the introduction of the first-ever UFC NFT trading cards. 

The Panini UFC NFTs will be digital replicas of the popular Panini UFC trading cards, which feature UFC’s biggest fights, moments, and milestones. The Panini UFC NFTs will be available for purchase on the Panini NFT Blockchain Platform and will incorporate Panini’s unique Select and Prizm designs and will feature more than 100 UFC athletes including fan favorites Jorge Masvidal, Conor McGregor, Derrick Lewis, Amanda Nunes, Israel Adesanya among many others. 

All cards will be available, while supplies last, at: Officially Licensed Sports NFT Digital Trading Card Packs & Challenges | Panini America.

“We’re excited to work with Panini America, the premier collectible trading card company in the world, to offer fans the first-ever UFC NFTs,” said UFC Senior Vice President of Global Consumer Products Tracey Bleczinski.  “The UFC NFTs are an extension of our very popular Panini UFC trading cards and an innovative way for fans to stay connected to UFC and their favorite athletes.”

“We’re really excited about the huge growth and even bigger potential of the collectible NFT space — and our exclusive partnership with UFC is a major reason why,” said Panini America CEO Mark Warsop. “Since becoming the first trading card manufacturer to produce licensed NFTs in January of 2020, we’ve proven that the appeal of our most popular physical brands translates beautifully to the NFT arena. And we’re confident that our planned UFC NFTs will take the category to another level.”   

The first series of Panini UFC NFTs will be rolled out over a six-week period beginning August 9 @ 10 a.m. ET and continue through September. On sale schedule*:

August 9; 10 a.m. CT: Select Base Pack — $10

Three Select base cards per pack

August 9; 3 p.m. CT: Global Icons Insert Pack — $15

One Global Icons insert, two base Select cards per pack

August 10; 10 a.m. CT: Tie-Dye Pack — $49

One Tie-Dye parallel (numbered to 49), two base Select cards per pack

September (date TBD): Color Blast Insert Pack — $15

One Color Blast Insert, two base Select cards per pack

September (date TBD): Gold Parallel Pack — $149

One Gold Parallel (numbered to 10), nine base Select cards per pack

September (date TBD): Gold Vinyl Parallel Pack – Dutch Auction

One Gold Vinyl Parallel (numbered to only one), nine base Select cards per pack

* Release schedule subject to change

Earlier this year, UFC and Panini announced a multi-year licensing agreement naming Panini America UFC’s official and exclusive collectible trading card partner.

To learn more about Panini America’s line of exclusive UFC products, please visit www.paniniamerica.net.

SportAccord World Sport & Business Summit In Ekaterinburg Rescheduled For May 2022

SportAccord in full coordination and agreement with the Russian Federation has announced that the World Sport & Business Summit in Ekaterinburg has been rescheduled to 15-20 May 2022.

The next edition of sport’s most important global gathering has been rescheduled to its traditional spot in the sport event calendar to maximise participation from the international sporting community, with expectations that travel restrictions worldwide will have eased significantly by then.

“The Russian Federation will host a momentous edition of SportAccord in Ekaterinburg, so it is important that as many friends and colleagues as possible can gather in person from across the sporting world,” SportAccord President Dr. Raffaele Chiulli said.

“The safety and wellbeing of our delegates has always been our top priority, and the measures developed by the Organising Committee in Ekaterinburg will still be as relevant and applicable when SportAccord takes place next year.

“However, with further vaccination roll-outs over the coming months, we are confident that global travel restrictions will have been relaxed by then to enable as many delegates as possible to travel to Ekaterinburg, ensuring the ultimate success of the event for the Russian Federation and SportAccord.”

The event has already attracted significant interest from the global sports movement, with the host destination providing a bridge between Europe in the West and Asia in the East. The IEC Ekaterinburg-Expo is an outstanding venue, providing numerous meeting and conference rooms within easy reach of the main hub of SportAccord, the exhibition floor.

Individuals and organisations who have delegate passes for SportAccord in Ekaterinburg will be contacted in due course about their options.

The annual World Sport & Business Summit is a six-day event attended by leaders of the global sports community. As the only global sports industry event attended by all International Sport Federations and their stakeholders, SportAccord also brings together organising committees, hosting cities and regions, governments and administrations, rights-holders, agencies and athletes, as well as top-level experts and organisations from the sports media, technology, investment, medical and legal sectors.

Organisations interested in becoming an official partner or exhibitor for the 19th edition of SportAccord’s flagship annual event can contact SportAccord to discuss these investment opportunities by emailing sales@sportaccord.sport.

Japanese Oil Brand ENEOS Partner With AC Milan

AC Milan and ENEOS have announced a multi-year partnership, which will see the Japanese brand of premium engine oils become the new Official Motor Oil Partner of the Rossoneri.

Since ENEOS motor oil was introduced in Europe more than 10 years ago, each year has brought excellent results for the motor oil brand of Japan’s largest energy company. Today, the decision to partner with a major football club like AC Milan shows that ENEOS believes strongly in European markets and invests heavily in developing sales of its premium motor oil products in Europe.

As world-renowned brands and excellences in their respective fields, AC Milan and ENEOS join hands in what will be a partnership devoted to energy, innovation, performance and passion, all attributes that both brands have in common and that can be recognised in all aspects of their activities. Energy and innovation in particular are key aspects of ENEOS’s work and are included in the brand name “ENEOS”, a combination of the two words “Energy” and “Neos”, which means “new”.

“Energy and Innovation are the two key words for this partnership” – said Casper Stylsvig, AC Milan Chief Revenue Officer. “ENEOS brand mark symbolises among others Energy and Innovation and those two words summarise perfectly what AC Milan is all about on the off the pitch. In fact, whilst off the pitch we pride ourselves in being one of the most innovative football clubs, always paying attention to the latest trends, on the pitch our players, both of our men’s and women’s team, play every single game with energy, always striving for success. We are truly proud to welcome ENEOS to our family of partners.”

Mr. Shinji Oka, Managing Director of ENEOS Europe, also expressed great satisfaction for the new partnership:

“ENEOS has always been active in supporting sports through sponsorships. We have seen partnerships in motorsports, basketball and other football clubs, but we believe this partnership represents a big leap for us. Partnering with a Club that has made the history of football in Italy, Europe and across the globe will make ENEOS popular among all European football fans, reaching a wider audience and enhancing our brand awareness. We are very happy that ENEOS and AC Milan can begin together this new journey, as a winning formation.”

Getir Announces Global Partnership With Tottenham Hotspur

Getir, the pioneer of ultrafast grocery delivery, is pleased to announce that they have signed a three-year partnership with Tottenham Hotspur Football Club. Getir is to become the Premier League team’s newest global partner, joining the Club as an Official Global Partner.

The new agreement caps a very busy year for Getir. Despite only launching in the UK in January, Getir already delivers groceries in minutes across London, Birmingham, Manchester, Brighton, Cardiff, Liverpool and Bristol, and expects to operate in up to 15 UK cities by the end of 2021. It also marks Getir’s first sporting partnership in the UK and continues the brand’s commitment to working with some of the world’s leading sports organisations.

“It is our great pleasure to support and stand by the side of sports and athletes, we will continue to respect and value them. It’s great to now be able to deliver this in the UK with our first football club partnership with Tottenham Hotspur. We have worked hard to deliver groceries in minutes, and much like on the pitch where every second counts, we are focused on delivering state-of-the-art tech and creating unique experiences for fans” says Turancan Salur, Getir UK General Manager.

“We have seen great appetite for our online grocery delivery service, and we know that people crave convenience, but we also give time back so customers can enjoy doing the things they love, things like watching Premier League football.”

Todd Kline, Chief Commercial Officer of Tottenham Hotspur commented: “We are delighted to announce this new partnership with Getir and we’re looking forward to supporting them with their rapid growth in the UK and across Europe. Getir pride themselves on being innovative, are dedicated to minimising their impact on the environment, and put people, as well as world-class technology, right at the heart of everything they do. We look forward to working closely with them in the years to come.”

Getir was founded in 2015 as the world’s first ultrafast grocery delivery service in Istanbul and has grown rapidly in recent years. This includes successful market entries into the UK (January 2021), Netherlands (May 2021), Germany, & France (June 2021). Customers can order groceries via the app and choose from over 1,500 everyday products in minutes – seven days a week, day and night, including everything from fresh fruits and vegetables to personal and home care products. All Getir riders are directly employed, with all scooters and bikes being electric to ensure a sustainable and noise reducing approach to grocery delivery services.

Penn National Gaming to Acquire Score Media and Gaming, Creating North America’s Leading Digital Sports Content, Gaming and Technology Company

Penn National Gaming, Inc. (“Penn National” or the “Company”) and Score Media and Gaming, Inc. (“theScore”) announced today that they have entered into a definitive agreement whereby Penn National will acquire theScore, a leading digital media and sports betting and technology company, for approximately US$2.0 billion in cash and stock.

Under the terms of the agreement, theScore shareholders will receive US$17.00 in cash and 0.2398 shares of Penn National common stock for each theScore share, which implies a total purchase consideration of US$34.00 per theScore share based on Penn National’s 5-day volume weighted average trading price as of July 30, 2021. The transaction has been unanimously approved by the boards of directors of both companies and is currently expected to close in the first quarter of 2022. Upon completion of the transaction, current Penn National and theScore shareholders will hold approximately 93% and 7% respectively, of the Company’s outstanding shares. Penn National expects to fund the approximately US$1 billion cash portion of the consideration using existing cash on its balance sheet.

Jay Snowden, President and Chief Executive Officer of Penn National, commented, “We are thrilled to be acquiring theScore, which is the number one sports app in Canada and the third most popular sports app in all of North America. theScore’s unique media platform and modern, state-of-the art technology is a powerful complement to the reach of Barstool Sports and its popular personalities and content.”

Mr. Snowden continued, “We are now uniquely positioned to seamlessly serve our customers with the most powerful ecosystem of sports, gaming and media in North America, ultimately creating a community that doesn’t currently exist. Users will enjoy a unique mobile sports betting and iCasino platform with highly customized bets and enhanced in-gaming wagering opportunities, along with highly engaging, personalized sports and entertainment content, and real time scores and stats. We believe this powerful new flywheel will result in best-in-class engagement and retention.

“Importantly, the transaction provides us with a path to full control of our own tech stack. theScore has developed a state-of-the-art player account management system and is finalizing the development of an in-house managed risk and trading service platform. This should lead to significant savings in third party platform costs and allow us to broaden our product offerings – providing the missing piece for operating at what we expect to be industry leading margins. In addition to the synergies, we’ll be gaining access to theScore’s deep pool of product and engineering talent and data-driven user analytics which will help drive our customer acquisition, engagement, retention strategies and cash flows,” said Mr. Snowden.

“Operators that have achieved early online market share have done so primarily through first mover advantage, leveraging existing customer databases and significant marketing spend. We believe the long-term winners will be defined by best-in-class products, bespoke content, efficient customer acquisition, multi-platform reach and broad market access,” concluded Mr. Snowden.

John Levy, Chairman and Chief Executive Officer of theScore, commented, “This deal brings together two companies that share a vision for how media and gaming intersect, and we could not be more excited to join the Penn National family. I’m proud of theScore team and all of our accomplishments, and believe the time is right to take the next step and align with a company in Penn National with the resources and scale to accelerate our business. We are excited to join forces with Penn to form the most powerful media and gaming company in North America.

“We’ve built an innovative, technology-led integrated media and gaming business that has us poised for success across North America, including the highly anticipated upcoming rollout of commercial sports betting in Canada,” continued Mr. Levy. “With Penn’s support, we will continue to invest in building our Canadian operations, growing our footprint and expanding our workforce. On a personal note, Benjie and I are very much looking forward to continuing to head up theScore as part of the new combined company.

“We have been strategic partners with Penn National since 2019 and have come to realize that they have the same strong culture and appreciation for how to grow a business. Jay and his team have done a tremendous job building an exceptional retail business and online gaming platform in partnership with Barstool Sports and we are confident that by combining our leading sports media brand and proprietary technology, we will solidify Penn National as a market leader,” concluded Mr. Levy.

Jon Kaplowitz, Head of Penn Interactive, commented, “This is a significant milestone for Penn Interactive and Penn National. With the acquisition of theScore, we will have greater ability to innovate and offer a best-in-class product to our customers. Personally, I am excited to join forces with John, Benjie, and the rest of theScore team who have proven to be great partners and amazing thought leaders in our industry.”

Benjie Levy, President and Chief Operating Officer of theScore, commented, “The combination of theScore and Penn National creates a first-of-its-kind vertically integrated media and omni-channel gaming business, which brings together world-class technology, highly engaging sports content and unparalleled reach. With our accomplished team in place, this deal bolsters our ability to grow our already strong North American presence from our base in Canada and primes us even further to capitalize on the huge upcoming betting opportunity in our home country. Over time, we’ve built our loyal user base and relationship with fans by authentically delivering deeply personalized products. That is an approach that seamlessly fits with Penn’s current strategy and digital offerings and will provide for material long-term benefits as we collaborate to even more deeply integrate across our platforms.

“The transaction will provide theScore with immediate scale and resources, the benefits of which will enable employees to better execute on the combined companies’ business plan and deliver enhanced integrated product offerings to our customers,” continued Mr. Levy. “The transaction also provides theScore shareholders immediate liquidity at a substantial premium and an opportunity to participate in any future upside of the combined company.”

Compelling Strategic and Financial Benefits:

Penn National anticipates that the acquisition of theScore will provide adjusted EBITDA accretion by Year 2, an incremental $200mm+ medium term adjusted EBITDA, and $500mm+ of incremental long term adjusted EBITDA upside.

Bringing Technology In-House:

The acquisition of theScore will allow Penn National to better manage all critical aspects of its technology stack, leading to greater control over its product development roadmap, reduced costs, and an enhanced customer experience. It will also allow Penn National to drive margin expansion by eliminating fees and expenses currently being paid to third party technology and service providers.

Strong Commitment to Canada:

Penn National believes the Canadian gaming market represents a compelling opportunity for growth. Penn National intends to operate theScore as a stand-alone business, headquartered in an expanded Toronto office, that will continue to be led by the Levy family with the same operating philosophy that has driven the company’s success to date. The business will continue to utilize ‘theScore’ app and brand that consumers have come to trust.

Penn National was attracted to theScore, in part, for its ready access to a deep pool of Canadian engineering and technology expertise. Penn National expects to leverage Canada’s world class technology talent pool to expand theScore’s engineering and production workforce based in Ontario as the business scales.

Volumetric Cost Savings:

The transaction will create a further scaled North American sports, online gaming and media business. This broader reach will provide volumetric savings for content fees, payment expenses, and other services, including the elimination of public company costs.

Enhanced Customer Acquisition and Retention:

theScore is the third largest sports app in North America and number one in Canada, with highly engaged users spending 113 minutes per month in-app*. Early results show the power of theScore’s integrated media and betting ecosystem to better engage and retain users; theScore Bet users with theScore media app compared to theScore Bet users who do not have theScore media app produce 88% higher handle/user, place 3x the number of bets/user, and generate a 91% increase in day 30 retention**. This increased cross-promotion ecosystem between theScore and Barstool is expected to lead to higher revenue.

Expansion Into New Verticals:

This acquisition underscores Penn National’s focused, disciplined investment strategy which positions us at the epicenter of sports, media, gaming and technology and provides us with multiple channels for future growth. In addition, this transaction accelerates Penn National’s strategy to enter into other adjacencies that leverage the Barstool and theScore brands and consumer appeal, such as the highly coveted esports media vertical.

Financing:

Penn National will fund the acquisition through a mix of cash on hand and common stock. We expect the transaction, at the time of close, to be leverage neutral to our lease-adjusted net leverage of 4.0x as of June 30, 2021.