Is Score Media And Gaming A Good Stock To Invest In?

The gaming industry has been booming for the last few months. During the COVID-19 pandemic, situation when all other industries were struggling to survive in the market, the gaming industry was surging. An article in Nasdaq.com said, “According to NPD Group, total consumer spending on video gaming in the United States continues to soar as it registered a 26% year-over-year rise to $18.6 billion in the fourth quarter of 2020.”  

As the video game industry grows, the mobile gaming industry is also growing at a rapid clip. There’s a company that’s making news for all the right reasons in this space: Score Media and Gaming. Apart from its mobile games, the company also entered the world of sports betting a few years back. It provides real-time news, scores, fantasy, and other information about sports.

The company, popularly known as The Score (TO: SCR.TO ) (OTC: TSCRF) has seen its stock price break the roof in the last quarter. It also went in for a reverse 10:1 stock split because it wants to list on the US markets.   Now the question is: Should one invest in Score Media and Gaming stock in the current market scenario?

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Why has The Score Stock Gone Ballistic

2020 saw a lot of people sit at home with nothing to do. Score stock was pretty much like its customers in 2020. It hung around, doing nothing. The stock went up from $3 in March to $7 in November last year.

Then the world began to get out of its home and so did Score stock. As more and more people began to get out of their homes and sports across the world started resuming their tournaments, Score surged. The stock went from $7 on November 16, 2020 to $46.06 as of February 19, 2021.

This is because there has been a lot of positive talk on legalizing sports betting in Canada. On November 25, 2020, a bill was introduced to legalize single event sports betting. As favorable news began to come in, in support of the bill, Score stock soared. The House of Commons finally passed Bill C-218 - the Safe and Regulated Sports Betting Act – which would allow for legal single-game wagering in Canada. If approved by the Senate, the bill will amend the criminal code for single-game sports betting.

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Disclaimer: All the information in this article - is published in good faith and for general information purpose only. Hashtag Investing does not make any warranties about the completeness, ...

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