Penn Entertainment has announced significant layoffs at theScore in Toronto as it navigates a months-long proxy war between investors over the company's future course.
Reporters estimated that 75–100 individuals, or about half of the newsroom, had been laid off.
On X, several people who lost their employment posted.
“It’s too bad theScore lost its heart a while back,” said one former employee.
Said another: “I was unfortunately let go as part of the layoffs at theScore this week. I’m deeply grateful for my 3.5 years at the company and am now looking for my next opportunity.”
A Penn representative made this statement to Casino.org, stating:
"These changes reflect the ongoing evolution of our digital business. Under the leadership of key recent product and technology hires, we are structured to advance our online strategy and efficiently grow our business.”
In 2021, Penn paid USD $2 billion to acquire theScore, which included the software stack of the Score Bet. According to Penn CEO Jay Snowden, theScore is a "very good story for us in Canada."
Penn's financials show that theScore BET and Casino experienced growth in 2024 across a number of important parameters, with revenues up 22% year over year and adjusted gross profit rising 36%. In Ontario, theScore holds a 5% market share, according to H2 Gambling Capital. According to iGaming Ontario, the market brought in CAD $3.2 billion in gross gaming revenue for the fiscal year 2024–2025 (excluding the financial results of the crown corporation, Ontario Lottery and Gaming Corporation).
The acquisition of Barstool Sports, which began in 2020 and was finished in 2023, cost Penn USD $551 million. Later that year, the business paid $1 to founder Dave Portnoy for Barstool, and then Penn announced a USD $2 billion agreement with ESPN to establish ESPN BET. In 2026, Penn or ESPN may decide to end their 10-year agreement.
In remarks made in March, John Levy, the founder of theScore and theScoreBet, criticized PENN's ownership and referred to the Barstool acquisition as a "fiasco."
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