Score Media rallies with Credit Suisse positive ahead of sports betting vote

Today, bill C-218 will be voted on in the Senate, which would legalize single-game sports betting in Canada, Credit Suisse analyst Benjamin Chaiken tells investors in a research note. Only multi-game parlays are permitted in the country currently, and online gambling is limited to state-run lottery organizations. Chaiken says he's been following the bill closely and thinks there is a "high likelihood of passage." Score Media and Gaming is positioned to be a market leader, he contends in a research note titled "The King in the North." The positive momentum in the legislation has led to a rally in the shares but there remains "sufficient room for upside," writes Chaiken. He believes that Score Media is positioned to be a market leader in Canada and estimates around 20% of Canadian sports fans are Score users. At $22.50 per share, there is essentially zero value for the U.S. and zero value for any provinces outside of Ontario, Chaiken adds. He keeps an Outperform rating on Score Media with a $50 price target. The stock in midday trading is up 13% to $25.14.