Score Media and Gaming announced the financial results for the three months ended November 30, 2019.

Total revenue for the three months ended November 30, 2019 was $9.2 million compared to $9.5 million for the same period last year.

During the quarter, growth in direct advertising revenue was offset by a decline in programmatic revenue, resulting from the impact of lower demand from a programmatic partner who, prior to January 2019, was a significant buyer of the Company’s programmatic inventory, as well as more limited programmatic inventory in New Jersey and surrounding states related to the launch of theScore Bet.

In the first quarter of theScore Bet being live in market, the Company generated $8.8 million in handle and gross gaming revenue 2 of $242,000. When taking into account promotional costs and fair value adjustments on unsettled bets, this resulted in negative net gaming revenue 3 of $26,000 for the period.

EBITDA loss for the three months ended November 30, 2019 was $4.8 million versus EBITDA of $1.0 million for the same period last year. The increase in EBITDA loss was primarily the result of additional expenses incurred in connection with the launch and expansion of our gaming operations.

“It was a huge achievement by our product development team to create and launch a best-in-class, natively-built mobile sportsbook at the very beginning of F2020,” said John Levy, Founder and CEO of theScore. “Our unique integrated approach to media and sports betting sets us apart from any other operator and enabled us to hit the ground running in our launch state of New Jersey.

“But New Jersey is only the start for us. As we grow our footprint there, we are also moving to quickly expand our presence across the United States. Under our existing multi-state market access framework agreement with Penn National, we anticipate launching theScore Bet in Indiana later this year, pending receipt of all relevant licenses and approvals, with more states to follow. At the same time, we continue to actively explore other market access opportunities.