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. “Importantly, the transaction provides us with a path to full control of our own tech stack.

We believe this powerful new flywheel will result in best-in-class engagement and retention. 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. 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. 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.” 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. Penn National expects to fund the approximately US$1 billion cash portion of the consideration using existing cash on its balance sheet. Upon completion of the transaction, current Penn National and theScore shareholders will hold approximately 93% and 7% respectively, of the Company’s outstanding shares. 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. 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.

(TSX: SCR Nasdaq: SCR) (“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. (Nasdaq: PENN) (“Penn National” or the “Company”) and Score Media and Gaming, Inc. & TORONTO-( BUSINESS WIRE)-Penn National Gaming, Inc.

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