PENN Entertainment Lays Off 75 Employees At theScore

PENN Entertainment has reportedly laid off 75 workers at theScore, a Canadian sports media and gaming company. 

Canadian Business Gaming (CGB) reported the staff reduction, with the workers told on Thursday last week that they were no longer required. 

Several journalists took to X to post news that they were included in the layoffs. Anthony Lopopolo posted, “I’m exceptionally proud of the work I did for @theScore over the last decade as one of the newsroom’s most senior writers and editors. Unfortunately, I was part of Thursday’s mass layoff that upended one of Canada’s best sports brands.”

Others appealed for new work in the industry, for example, journalist Nick Faris wrote, “I’m a free agent because of the job cuts at  @theScore. I leave with immense pride in our team’s reporting and analysis. I told stories about every major sport, and I’m grateful for the support of great colleagues and trust of interview sources. DMs are open to discuss what’s next.”

The company is moving away from the sports news content side and focusing more on online gambling with the recent launch of theScore casino in Ontario. In addition to the launch of its first online casino in Canada, theScore also aims to launch in Alberta when the province opens up its regulated betting market. 

PENN acquisition strategy under criticism

PENN acquired theScore in 2021 for around $2 billion following the company’s launch of sports betting in New Jersey two years earlier. Under theScore Bet, the platform went live in Ontario’s newly regulated gambling market in April 2022. 

Barstool Sports was sold back to owner Dave Portnoy for $1 in 2023 as the company was unable to secure betting licenses. PENN paid $550 million to acquire the company. 

The failure prompted a change in strategy and the company went for more trusted brands in the form of ESPN Bet, but paid a hefty $2 billion for the venture, the same fee as theScore. 

The company’s CEO, Jay Snowden, remains confident the company will turn fortunes around and recently invested around $500,000 to acquire an additional 34,000 shares. 

Adam Roarty

Adam is an experienced writer with years of experience in the gambling industry. He has worked as a content writer and editor for five years on sites such as Oddschecker, CoinTelegraph and Gambling Industry News, bringing excellent knowledge of the world of sports betting and online gambling. Adam focuses on emerging stories in the ever changing landscape of betting in the US. Read the latest on prediction markets, changing legislation, and sweepstakes.