theScore Announces Exercise of Over-Allotment Option

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Dec. 31, 2020 /CNW/ - Score Media and Gaming Inc. (TSX: SCR) ("theScore" or the "Company"), has announced that the underwriters of its previously announced bought deal offering via short-form prospectus (the "Offering") have exercised their over-allotment option in full, resulting in the issue of an additional 4,285,800 Class A Subordinate Voting Shares ("Class A Shares") of the Company at a price of $1.40 per Class A Share. The exercise of the over-allotment option brings the total gross proceeds of the Offering to $46,000,920 through the issue of an aggregate of 32,857,800 Class A Shares (the "Offered Shares"). Canaccord Genuity Corp. and Eight Capital acted as lead underwriters for the Offering on behalf of a syndicate of underwriters which also included Cormark Securities Inc., INFOR Financial Inc. and Scotia Capital Inc.

The net proceeds from the Offering will be used to fund working capital and other general corporate purposes, including the continued growth and expansion of theScore Bet's operations in the United States and Canada by supporting the multi-jurisdiction deployment and operation of theScore Bet and user acquisition and retention in jurisdictions where the Company is, or will be, operating.

The Offered Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws. Accordingly, the Offered Shares may not be offered or sold within the United States, its territories or possessions, any state of the United States or the District of Columbia (collectively, the "United States") except in transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or a solicitation of an offer to buy any Offered Shares within the United States.

About Score Media and Gaming Inc.

Score Media and Gaming Inc. empowers millions of sports fans through its digital media and sports betting products. Its media app 'theScore' is one of the most popular in North America, delivering fans highly-personalized live scores, news, stats, and betting information from their favorite teams, leagues, and players. The Company's sports betting app 'theScore Bet' delivers an immersive and holistic mobile sports betting experience and is currently available to place wagers in New Jersey, Indiana, and Colorado. Publicly traded on the Toronto Stock Exchange (SCR), theScore also creates and distributes innovative digital content through its web, social and esports platforms.

Forward-Looking Statements

Statements  made  in  this  press  release  that  relate  to  future  plans,  events  or  performances  are  forward-looking  statements.  Any  statement  containing  words  such  as  "may",  "would",  "could",  "will",  "believes", "plans",  "anticipates",  "estimates",  "expects"  or  "intends"  and  other  similar  statements  which  are  not historical  facts  contained  in  this  release  are  forward-looking,  and  these  statements  involve  risks  and uncertainties  and  are  based  on  current  expectations.  Forward-  looking  statements  include,  without limitation, statements regarding the anticipated use of proceeds of the Offering. Such statements reflect theScore's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward looking statements, including among other things, those which are discussed under the heading "Risk Factors" in the Company's current Annual Information Form dated October 28, 2020 as filed with applicable Canadian securities regulatory authorities and available on SEDAR under the Company's profile  at  www.sedar.com  and  elsewhere  in  documents  that  theScore files from time to time with such securities regulatory authorities, including its relevant Management's Discussion & Analysis of the financial condition  and  results  of  operations  of  the  Company.  Should  one or  more  of  these  risks  or  uncertainties materialize,  or  should  assumptions  underlying  the  forward-looking  statements  prove  incorrect,  actual results could differ  materially  from  the  expectations  expressed  in  these  forward-looking statements.  The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as required by applicable law or regulatory requirements.

SOURCE Score Media and Gaming Inc.