theScore bets on new office space in downtown Toronto

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Ontario Construction News staff writer

Canadian digital media and sports betting company theScore is leasing an 80,000 square foot space in downtown Toronto. The company announced the move on August 19.

The Toronto-based company plans to occupy more than 85 percent of The Exchange, one of two buildings that make up the Waterfront Innovation Centre.

“As our technology-driven business has grown across North America so too has theScore family, particularly in product development and engineering, with new team members joining every week. 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,” said theScore Chairman and CEO John Levy. 

The company will occupy more than 85 percent of The Exchange, one of two buildings that make up the Waterfront Innovation Centre, housing the rapidly growing workforce, and accommodating its business operations, including the anticipated rollout of online sports betting in Canada.

It’s an 80,000-square-foot space in the Waterfront Innovation Centre, that includes an office and retail development property.

“Moving into this newly constructed building affords us the opportunity to design our ideal work environment and provides ample space for our rapidly expanding team. The Waterfront is fast becoming a hub for some of Ontario’s most innovative and forward-thinking companies, and we are excited that it will be our home for many years to come,” Levy explained.

Founded in 2012, theScore provides sports news and statistics to users via its mobile app, which has approximately four million monthly users. The Toronto-based company currently trades on the TSX and the NASDAQ under the symbol ‘SCR.’

Recently, the sports betting app was pushed across the US. Today, theScore Bet is available in New Jersey, Colorado, Indiana, and Iowa. However, in a competitive American market dominated by larger players, the app has reportedly struggled to establish market share.

The market potential for online gaming in Canada is estimated to be at least $4.3 billion USD in annual gross gaming revenue, based on historical data extrapolated from legal online gaming markets in the U.S. and globally.

“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, but it will act as another confidence boost as we move forward in our pandemic recovery,” Toronto Mayor John Tory said in a statement.

Designed by Toronto’s Sweeny & Co Architects Inc., the 475,000-square-foot Waterfront Innovation Centre comprises two buildings, with three distinct but interconnected components: The Exchange, The Hive, and The Nexus, a space that will serve as a public square, and directly connect the two buildings.

The Waterfront Innovation Centre, co-owned by Menkes and BentallGreenOak, on behalf of Sun Life Assurance Company of Canada, was developed in partnership with Waterfront Toronto.

“This is an exciting partnership for us and we are proud to bring a like minded company into our unique space,” said Menkes Developments President, Commercial/Industrial, Peter Menkes. “With theScore looking to expand and grow their business in Canada, we believe the Waterfront Innovation Centre will set them up for success through an environment that fosters collaboration by providing superior technology and amenities.”

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