Morgan Stanley data: TheScore tops leaderboard for mobile app downloads in Ontario
TheScore, which is based in Toronto and already one of Canada’s largest sports media brands, was one of the first operators to go live on day one.
The brand is owned by US casino giant Penn National Gaming, which Morgan Stanley expects to take market share of 10% for Canadian sports betting and 5% for iGaming.
TheScore’s download share peaked at 79% on 4 April but has declined daily since that date, dropping to less than 30% of daily app downloads on 16 April.
Morgan Stanley equity analyst Thomas Allen: “Taking first mover advantage and getting customers on apps early has proven a successful strategy in most US markets so far.”
By comparison, bet365 – which operated in Ontario on an unregulated basis prior to 4 April – recorded a 17% share on launch day, compared to a 50% share of downloads on 16 April.This demonstrates the competitive operating environment in Ontario, where new entrants are fighting for market share alongside several firms familiar with its formerly grey market.
Betway, and parent company Super Group, is another one of those firms making the transition from grey to white in Ontario. For context, 45% of the operator’s full-year 2021 revenue came from North America, with the vast majority derived from Canada’s unregulated market.
According to Morgan Stanley, Betway has gained a 5% share of app downloads, while BetMGM and Rush Street Interactive are closer to 3%.
Rounding off the rankings, Caesars has amassed a 2% share, while 888 and LeoVegas have managed just 1% to date.
Morgan Stanley equity analyst Thomas Allen said: “Given that not all major US operators are live in the Ontario market yet (for example DraftKings), we expect to see further dispersion of share over the coming months.
“However, taking first mover advantage and getting customers on apps early has proven a successful strategy in most US markets so far,” he added.
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