– Total gaming handle on theScore Bet up 535% year-over-year –
– New all-time quarterly record for media revenue and esports video views –
– theScore considering a listing on a U.S. stock exchange –

TORONTO, January 13, 2021 – Score Media and Gaming Inc.^[1] (TSX: SCR) (“theScore” or “the Company”), today announced the financial results for the three months ended November 30, 2020.

“Our new fiscal year is off to a stellar start, including our best-ever quarter for media revenue, exponential handle growth on theScore Bet, and yet another record period for our esports operations,” said John Levy, Founder and CEO of theScore. “We continue to deepen our market-leading media and betting integrations and achieved year-over-year handle growth of 535% on theScore Bet. While still in the early stages of this fast-growing industry, we are steadily strengthening our expanding footprint in the North American sports betting market. Now, following successful recent launches in Colorado and Indiana, we’re on track to launch in Iowa in the coming weeks, subject to regulatory approval.

“We’re also diligently preparing for the enormous opportunity in Canada ahead of the anticipated creation of a fully-legalized and regulated sports betting and iGaming market in Ontario. theScore is Canada’s most popular mobile sports brand with millions of loyal media app users across the country and we are eager to deploy our cutting-edge technology and launch our best-in-class sportsbook experience to fans in our home territory.

“theScore is uniquely positioned, both in the U.S. and Canada, as the only truly integrated mobile media and gaming company.  Based on the continued development of theScore and the growth of the sports betting industry across North America, in our view it is timely to consider a listing on a U.S. stock exchange. We believe that access to the U.S. capital markets would provide compelling benefits for theScore and our shareholders.”

Recent Highlights 

• Gaming handle on theScore Bet was up 535% year-over-year in Q1 F2021, reaching $55.8 million for the period. In September, we also began our multi-state expansion of theScore Bet, launching in both Colorado and Indiana, and are set to launch in Iowa in the coming weeks, subject to regulatory approval.
• We achieved an all-time record quarter for media revenue, generating $10.6 million in Q1 F2021, primarily driven by strong growth in direct advertising sales in both the U.S. and Canada, compared to the prior period.
• In December 2020, we closed a previously announced bought deal equity offering via short-form prospectus. Including the over-allotment option, which was exercised in full, we issued 32,857,800 Class A Subordinate Voting Shares pursuant to the offering at a price of $1.40 for gross proceeds of $46,000,920. The net proceeds from the offering will be used to fund working capital and other general corporate purposes, including the continued growth and expansion of theScore Bet’s operations in the United States and Canada by supporting the multi-jurisdiction deployment and operation of theScore Bet and user acquisition and retention in jurisdictions where we are, or will be, operating.
• theScore esports achieved a third-successive record-breaking quarter for video views. Total views of theScore esports’ video content across all platforms reached a new all-time quarterly record of 357 million in Q1 F2021, year-over-year growth of 355%.
• We launched Bet Section^[2], our most integrated and personalized suite of betting features ever. Bet Section is a new, dedicated home within theScore’s media app, that further deepens our industry-leading media and gaming integrations.

Audience Metrics

We achieved 3.9 million average monthly active users and 458 million average monthly user sessions on theScore app on iOS and Android during the period, equalling 116 average monthly-sessions-per-user.

Across theScore esports’ platforms, we achieved another new quarterly record, totaling 357 million video views in Q1 F2021, year-over-year growth of 355%. An additional 85,000 YouTube subscribers were added during the period, with total channel subscribers now exceeding 1.58 million. theScore esports’ TikTok account added approximately 354,000 new followers in Q1 F2021. Total account followers now exceed 1.1 million.

theScore’s social sports content across Twitter, Facebook, Instagram and TikTok achieved an average monthly reach of approximately 105 million. theScore’s TikTok account added approximately 573,000 new followers in Q1 F2021. Total account followers now exceed 2.8 million.

Financial Results

Total media revenue for Q1 F2021 was $10.6 million compared to $9.2 million for the same period last year, a new all-time record for theScore for a single period.

Gaming handle[1] was $55.8 million and gross gaming revenue[2] was ($0.3) million in Q1 F2021. When taking into account promotional costs and fair value adjustments on unsettled bets, this resulted in negative net gaming revenue[3] of $2.0 million.

EBITDA loss in Q1 F2021 was $9.3 million versus EBITDA loss of $4.8 million for the same period last year. The increase in EBITDA loss was primarily the result of additional expenses incurred in connection with the expansion of our gaming operations compared to the prior year.

Annual and Special Meeting; Proposed Share Consolidation in Contemplation of Potential listing on a U.S. Stock Exchange

theScore will host a virtual Annual and Special Meeting of shareholders at 11:00am EST on Wednesday, February 10, 2021 (the “Meeting”).

At the Meeting, shareholders will be asked to approve a special resolution to authorize theScore’s board of directors to effect a consolidation of our Class A Subordinate Voting Shares and our Special Voting Shares based on a consolidation ratio within the range of one post-consolidation share for every two to twenty pre-consolidation shares. The details of the proposed share consolidation will be included in a Management Information Circular that will be sent to our shareholders in connection with the Meeting.

Our management team has been studying the potential benefits of an additional listing of our Class A Subordinate Voting Shares on a U.S. stock exchange. Based on our stage of development, certain developments in our industry, our observations regarding the market for our peers whose securities are listed on U.S. stock exchanges, and also from discussions with both U.S.-based investment banks and other advisers, we believe that there may be potential benefits of a listing on a U.S. stock exchange, including:

• a significantly larger pool of available capital;
• a greater average daily trading volume;
• a greater number of U.S. retail and institutional investors; and
• a potential increase in market valuation.

We must satisfy a variety of requirements to be accepted for listing on certain U.S. stock exchanges, including the requirement that the listed securities maintain a minimum per-share trading price for a specific period of time. This is the primary reason for seeking approval of our shareholders at the Meeting for a share consolidation.

Financial Statements and Management’s Discussion and Analysis

We report our financial results in Canadian dollars, unless otherwise indicated. Our unaudited interim consolidated financial statements, accompanying notes, and Management’s Discussion & Analysis for the three months ended November 30, 2020 are prepared in accordance with International Financial Reporting Standards (“IFRS”) and are available on our Investor Relations page^[3].

Conference Call & Webcast

theScore will host a conference call and webcast at 5:30pm, ET on Wednesday, January 13: