Penn Entertainment Announces Layoffs at theScore

Penn Entertainment Announces Layoffs at theScore

Penn Entertainment has revealed significant job cuts at theScore in Toronto, as the company navigates a prolonged proxy battle with investors regarding its future direction. 

Between 75 and 100 individuals have reportedly been terminated from their jobs. 

Reports indicated that the number of staff members let go ranged from 75 to 100, approximately half of the newsroom. 

A few individuals who were laid off shared on X. 

“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.”

Penn: Continuous Development of Business 

A representative from Penn provided this statement to Casino.org:

"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 purchased theScore for USD $2 billion, which encompassed the tech stack of theScore Bet, and Penn CEO Jay Snowden has described theScore as a “very good narrative for us in Canada.” 

As per financial details provided by Penn, theScore BET and Casino experienced growth in various important metrics in 2024, highlighted by a 22% rise in revenues year-over-year and a 36% boost in adjusted gross profit. Based on H2 Gambling Capital, theScore holds a 5% share of the market in Ontario. iGaming Ontario reports that the market produced CAD $3.2 billion in gross gaming revenue for the fiscal year 2024/25, excluding the financial results of crown corporation Ontario Lottery and Gaming Corporation. 

5% Market Share in Ontario 

Penn purchased Barstool Sports for USD $551 million in a deal that began in 2020 and was finalized in 2023. Later that year, the company sold Barstool back to its founder Dave Portnoy for $1, prior to Penn revealing a USD $2 billion agreement with ESPN to establish ESPN BET. Penn or ESPN can terminate their 10-year agreement in 2026 if they wish. 

John Levy, the creator of theScore and theScoreBet, criticized PENN’s ownership in remarks from March, labeling the Barstool agreement a “fiasco.”