theScore Bet has shown modest growth in the regulated Ontario online gaming market in 2024, PENN Entertainment told investors this week.

In a presentation to shareholders and analysts at the Global Gaming Expo in Las Vegas, PENN reported that its Canadian brand has seen revenue growth of 30% in the last 12 months across both iGaming and online sports betting, with gross profit up 54%.

On the sportsbook side, net gaming revenue has grown 29% year-on-year in the nine months to September. Online casino net revenue has climbed 32% in that time,  but that iGaming growth was slower in Q3 2024: monthly active users were up 27%, gross gaming revenue rose 16% and net gaming revenue ticked up by 15%.

An interesting note was that PENN said it has seen a 60% cross-sell rate from online sports betting to online casino among its users in the province. The company said its move to directly integrate its Canadian flagship theScore media app and theScore Bet has proven successful in Ontario. That was something of a Canadian test run for what PENN is doing right now in the U.S. with ESPN and ESPN Bet.

PENN said theScoreBet held down a double-digit market share in Ontario’s online sports betting market in the first half of the year. Its slice of the iGaming market is smaller, at a high single-digit mark.

PENN credits vaunts improved hold and parlay success

Overall, PENN reported in a filing on Monday that its interactive unit PENN Interactive will post a loss of $90 million to $100 million for the September quarter, approximately $30 million better than the originally expected loss of $115 million to $135 million.

The company put the improved outlook down to “better than expected hold, driven by a higher parlay mix from our improving product and lower promotional expenses.”

In Ontario, the presentation painted a picture of how theScore Bet has grown its hold and parlay offerings over the two-and-a-half years since the market opened.

The brand’s total online sports betting hold rate has risen from 6.5% in H1 2022 to 9.6% in Q3 2024, and PENN estimated it hit a high point of 11.2% in September 2024. Parlays as a percentage of handle, a metric that has become an increased focus for operators in recent months, is up from 21% in H1 2022 to 28% in H1 2024. It was estimated to be as high as 34% in September 2024, when the frenzy of a new NFL season was at its peak and the NHL puck drop was on the horizon.

Meanwhile, with Alberta’s online gaming launch on pause for now, PENN only briefly referenced the western province as it waits patiently for solid movement in Wild Rose Country. It noted that together, Alberta and Ontario are estimated to make up over half of Canada’s population (51%), with Alberta alone accounting for 12%.

PENN is scheduled to release its full third-quarter results on Nov. 7.