Strathcona Resources Ltd

TSX:SCR

Earnings Call Transcript 2021-Q2

[Operator]

Good afternoon, and welcome to theScore Fiscal Year 2021 Q2 Financial Results Conference Call and Webcast. [Operator Instructions] This call is being recorded today, Tuesday, April 13, 2021, at 5:30 Eastern Daylight Time. I would now like to turn the call over to your host, Alvin Lobo, Chief Financial Officer. Mr. Lobo, you may begin.

[Alvin Lobo, Chief Financial Officer]

Thank you, Christina. Hello, and good afternoon, everyone. Thanks for joining us on today's call and the webcast for theScore's Fiscal 2021 Q2 Results. This is Alvin Lobo, theScore's Chief Financial Officer, and joining me on the call today are theScore's Founder and Chief Executive Officer, John Levy; and President and Chief Operating Officer, Benjie Levy. At this time, we would like to caution our listeners that this presentation contains forward-looking statements. There are risks that actual results could differ materially from what is discussed, and that certain material factors or assumptions are applied in making these forward-looking statements. Any forward-looking statements contained in this presentation represent the views of management and are presented for the purposes of assisting theScore's shareholders and analysts in understanding theScore's financial position, objectives and priorities and anticipated financial performance. Forward-looking statements may not be appropriate for other purposes. Additional information on items of note, theScore's reported results and factors and assumptions related to forward-looking information are all available in our financials and MD&A for Q2 fiscal 2021, both of which were filed on SEDAR a few moments ago, and are also available on our Investor Relations page at scoremediaandgaming.com. Our CEO, John Levy, will now begin the presentation.

[John S. Levy, Founder, Chairman & CEO]

So thank you, Alvin. And good afternoon to everyone, and thank you for joining us today as we review what was a record-setting second quarter, continuing the strong start to our fiscal year. theScore had a very active and productive fiscal second quarter, including quarterly record results across our gaming and media operations. We also executed our initial public offering and listing on NASDAQ in the U.S., which positions us to invest in further long-term growth. For the quarter, media revenue was up 17% year-over-year to $8 million, representing a record for second quarter, quarter media revenue. In particular, returning and new advertisers were eager to get in front of our highly engaged customer base throughout the quarter, in part due to the strong sports schedule. As a result, advertising sales also reached an all-time second quarter record. Handle on theScore Bet was a record $81.6 million, making a substantial rise of 491% year-over-year. The growth in handle demonstrates that our mobile sports betting business is growing as expected as we continue to expand our footprint and penetration in the U.S. and further build in existing states. Our growing mobile sports betting business in the U.S. also positions us very positively as we prepare for the potential legalization of single-game sports wagering in Canada. Our second quarter operating metrics highlight the real potential of theScore's differentiated model, combining media and gaming into a single end-user experience and demonstrate that our platform will only get stronger as we deepen our betting and content platforms. Importantly, it's evident that our long-term view that mobile is where the future lies is, in fact, a reality. Mobile is the key driver of betting behavior, and data from the U.S. states where mobile handle is reported underscore the fact that consumers prefer the convenience of being able to bet anywhere and at any time via a mobile app. In our first U.S. state of New Jersey, mobile wagering accounted for approximately 84% of all sportsbook bets placed in 2019, and that figure has continued to grow in 2020 and in 2021. This is a trend we are all well equipped to capitalize upon. theScore is an experienced, mobile-first company with an entrenched user base, and we are extremely well positioned to leverage our digital platform to both acquire and engage new customers. As I mentioned earlier, at the end of fiscal second quarter, we executed a successful U.S. IPO, raising gross proceeds of USD 186.3 million, inclusive of the full exercise of the over-allotment option. This new capital provides theScore with additional resources to take advantage of the existing opportunities in sports betting and iGaming and more rapidly build out our team. In particular, we are working toward on -- we are working -- sorry, we are working toward taking on additional control of our tech stack, which will allow us to further strengthen our products and our ecosystem as we enter new markets and expand our operations. Strong performance on theScore Bet continued in the second quarter with handle up 491% year-over-year and up 46% compared to the first quarter. As we evaluate our gaming performance, we are extremely encouraged by the continued handle growth in New Jersey. Second quarter handle in New Jersey rose 195% over the prior year as we further demonstrated our ability to strategically build the user base by leveraging our differentiated product in what is a growing but highly competitive market. Overall, our gaming business has been extremely active, further positioning us for future growth. First, we launched theScore Bet in Iowa, bringing our footprint of U.S. states in which we are now live to 4; second, we signed a market access agreement with Caesars, which allows us to launch mobile sports betting in Illinois. This is an important agreement, which gives us access to the sixth most populous U.S. state. We now have 5 U.S. market access partners, which shows the gaming industry's confidence in our company, our platform, and our unique business model. Third, theScore Bet became an official betting operator of the PGA TOUR. Our agreement with the PGA TOUR also positions theScore to become their first official betting operator in Canada, pending enabling legislation, regulation and licensing. Throughout the quarter and going forward, our key focus remains on enhancing our sports betting business and positioning theScore Bet for future growth. Key in this effort is investment in technical enhancements to theScore Bet platform. We believe these efforts will serve to make our differentiated user experience even more seamless and position theScore Bet to take additional share. As we plan for the future and continue to build out our business, we achieved a significant milestone at the end of fiscal second quarter by executing our U.S. initial public offering on NASDAQ. theScore's successful IPO confirm long-term investors widespread and growing interest in the sports betting and iGaming space. Throughout the process, we saw significant excitement on the part of the U.S. investment community and our company's long-term prospects as well as the tremendous growth prospects of the entire industry. Standing here today, we are in an excellent position to leverage our more than 2 decades of experience innovating and building best-in-class sports platforms to be a leader in this developing industry and seize the great opportunities we see both in the U.S. and in Canada. Ultimately, we will invest the IPO proceeds across a number of key priorities, including the expansion of our operations, the continuous enhancement of our technology and products, the pursuit of additional market access opportunities and through customer acquisition and retention activities. theScore is one of the few ways for investors to invest in a pure-play mobile sports betting operator with access to emerging opportunities in both the U.S. and Canada, and the only operator with the unique and fully integrated sports media and sports betting ecosystem. Our U.S. IPO better positions the company to benefit from investors' interest in the growing North American online sports betting and iGaming industry, and we believe investors will mutually benefit over time. Before I turn the call over to Benjie, I want to touch briefly on the Canadian online sports betting and iGaming opportunity. Overall, we are very excited by the momentum -- by the building momentum at both the federal and the provincial level. At the federal level, Bill C-218 was introduced late last year to permit the legalization of single-event sports wagering in Canada. In February, the bill overwhelmingly passed on its second reading in the House of Commons, while in March, it was unanimously approved in committee. The bill is now back in the House of Commons for its third reading with strong cross-party support. From the beginning, theScore has been an active participant engaged in the legislative process. In late March, I appeared before the House of Commons Committee to voice the company's support for the bill, and the importance of a safe and regulated sports betting framework. As Parliament now works towards passing much needed betting reform in Canada, we will continue collaborating with the key stakeholders throughout this process. Simultaneously, our home province of Ontario remains on track to implement its framework to modernize its gambling sector and allow private operators to enter in the market. We are actively working through the public consultative process to shape Ontario's regulatory framework. We said previously that the Canadian online sports betting and iGaming industry could represent a USD 4 billion to USD 5 billion business at maturity. In addition, as the leading mobile sports media brand in Canada, we are well positioned should single-game sports betting and iGaming open up on our home turf. As we move into the second half of our fiscal year, we remain actively engaged in the ongoing legislative process, and we're working tirelessly to position our company to benefit long term. With that, I'll now pass the call over to Benjie, who will talk through some product and content initiatives. Benjie?

[Benjamin David Levy, President, COO & Executive Director]

Thanks, John, and good afternoon, everyone. As John mentioned, we registered another record quarter across our betting business. We are very pleased with the progress we're making as we broaden our footprint and increase our brand recognition. Our strong activation around tentpole sporting events continued in the quarter, highlighted by the Super Bowl and March Madness. These major sports moments showcased our ability to execute integrated multichannel thematic campaigns that lead to customer acquisition, engagement and increased betting activity. In connection with the Super Bowl, we registered our highest ever number of first-time betters, an increase of approximately 275% year-over-year, with total event handle rising more than 500% over last year. And building on that momentum, we were more than ready for our first March Madness as a mobile sportsbook operator. The first week of the tournament, we generated our highest ever week of cash bets placed. theScore Bet is resonating with fans in the same authentic ways our media app has for years. It delivers the exceptional product experience that fans crave, backed by a leading technology platform. Our product development work continues to focus on enhancing our live betting experience and further simplifying the connection between our content and our sportsbook. Supported by a growing team of engineers and developers, our product-led focus and ability to uniquely harness the power of media and betting is already yielding results and will continue to differentiate us away from the competition. Turning to our media operations, we continued our momentum from last quarter with record Q2 media revenue and engagement. Users are increasingly interacting with our media app to stay informed and entertained during a busy and reorganized sports calendar. Our mobile media platform offers advertisers the ability to engage with a consistent broad audience featuring an attractive demographic that they have been eager to reach since sports resumed last summer. Notably this quarter, we secured deals with returning top-tier brands, including McDonald's, PepsiCo and BMW, and signed Rocket Mortgage, NASCAR and NBA Canada as new clients. With the continued rise of mobile consumption amidst the fractured media landscape, our company is in an increasingly advantageous position due to our large and loyal app audience. theScore is a trusted source of news, scores and personalized content that users rely on throughout the year. Our record Q2 media engagement metrics highlight the popularity and scale of our platform, with user sessions growing 8% year-over-year to $488 million for an average of 125 sessions per month across our base of 3.9 million monthly active users. These strong results were achieved despite the later start to both the NBA and NHL regular seasons. Looking again at the Super Bowl, our media app also shined. We generated significant engagement around the game with 2.2 million users visiting theScore's NFL section and spending an average of 10.5 minutes in the app. Super Bowl user sessions were also up approximately 15% year-over-year. These metrics demonstrate our commitment to serving our audience as sports fans first, which ultimately is the key driver to building authentic betting behavior and growing our uniquely integrated media and betting business. Product development work in the quarter also included the release of a fully rebuilt media app for Android. This rebuild focused on increasing the app's performance, stability and scalability. Our esports platforms again registered impressive video views in Q2, totaling nearly 200 million. Even with a calendar where many esports events have yet to return, we are firmly positioned as an authoritative and leading voice in the space. The quarter was highlighted by our broadcast of the League of Legends' Demacia Championship, our first ever live event production. The event generated more than 4.6 million impressions across all platforms, and brought significant attention to our brand and production capabilities. Through our esports offering, we offer brands a unique opportunity to connect with a huge and highly engaged audience. We have continued to build out our esports sales team to take advantage of the large global opportunity in this robust industry. Rounding out content, our social media channels continued to deliver exceptional reach and serve as a growing monetization vehicle. We have cultivated a wide social following through an innovative content strategy. Our average monthly reach across Twitter, Facebook, Instagram and TikTok was approximately 88 million in the second quarter, again making theScore one of the top-ranked sports media outlets. Advertisers are taking notice. In Q2, we executed social content activations with both Bacardi and Rocket Mortgage. This is an area we will look to build on moving forward, leveraging our strong content capabilities and integrated offerings.I'll now turn things over to Alvin, who will talk in more detail about our financials.

[Alvin Lobo, Chief Financial Officer]

Thanks, Benjie. I will get to the financial recap of the quarter momentarily. But before doing so, I want to provide some high-level details of the U.S. IPO since it closed after the end of the second quarter. The IPO, inclusive of the full exercise of the underwriters' overallotment, generated gross proceeds of USD 186.3 million. We issued an aggregate of 6.9 million Class A shares at USD 27 per share.Now to the financial recap of the quarter. Total revenue for Q2 fiscal 2021 was $5.6 million, with record Q2 media revenue partially offset by negative net gaming revenue of $2.4 million. Media revenue in the quarter was $8 million compared to $6.8 million for the same period last year, representing a 17% year-over-year increase, driven by strong growth in direct and programmatic revenue.Gaming handle was $81.6 million and gross gaming revenue was $0.4 million in the second quarter. When taking into account promotional costs and fair value adjustments on unsettled debt, this resulted in negative net gaming revenue of $2.4 million for the 3 months ended February 28, 2021.EBITDA loss in the quarter was $12.9 million versus an EBITDA loss of $8.6 million for the same period last year. The increase in EBITDA loss was primarily due to additional expenses incurred in connection with the expansion of our gaming operations compared to the prior year. From a liquidity perspective, pro forma for the U.S. IPO, our February 28 cash balance was $262 million.This now concludes the formal part of our presentation. Christina, we will now take questions from the analysts.

[Operator]

[Operator Instructions] And your first question comes from the line of Suthan Sukumar with Eight Capital.

[Suthan Sukumar, Principal]

The first question I had was on the impressive handle growth this quarter. Obviously, it's good to see strong sequential growth and a strong performance nonetheless.Can you touch on some of the dynamics you're seeing in the states that you're live in today. Where are you specifically seeing strength? And which states are you seeing better-than-expected market share gains, given your unique betting and media model?

[John S. Levy, Founder, Chairman & CEO]

Thanks, Suthan. It's a good question. And the bottom line is we're really in the 4 states that we operate in. We're seeing it across all of them. And obviously, it is subject to regionalization. There are different communities and regions within each of the states in with which we are operating. We expect to see that as we expand across the U.S. and hopefully into Canada. But one of the things that we're pretty excited about was when we saw even in the mature market of New Jersey, where we've been operating the longest for us and that's -- and that's with interruption of months and months of no sports activity because of the COVID shutdown. But we've seen -- I think we reported just under 200% increase year-over-year in the context of betting activity.So we're very excited about the growth that we're seeing within each state. We're building this strategically in each of the states. Our approach really is no different in terms of leading with our product and leading with this sort of whole ecosystem of the melding of the betting application and the media space. So we expect that will be sort of universally, if not globally, accepted as we roll out all across the U.S. and hopefully, in Canada. So far, we're very excited about the growth that we're seeing on a state-by-state basis.

[Suthan Sukumar, Principal]

Great. That's helpful. I want to touch on iGaming next. Is this still on track for H2? And any update on the scope and range of offerings that you will eventually launch? And how will this be rolled out within the -- within your Score Bet mobile app?

[John S. Levy, Founder, Chairman & CEO]

Well, I'm going to let Benjie talk about the iGaming. But as you would expect, when we implement product, it's usually going to be implemented in a seamless fashion with sort of the user first, right? So but let me turn it over to Benjie to explain in the states where we have licenses and what our plan is with respect to the introduction of iGaming.

[Benjamin David Levy, President, COO & Executive Director]

Yes. Thanks, John, and thanks, Suthan. Yes, the short answer is yes, we are still on track for H2 for introduction of our iGaming offering. Our plan is to offer on an integrated -- in an integrated manner with our mobile sports book, and that will roll out first in New Jersey, where we have a market access agreement for iGaming with Bally's. And then we'll look to grow our footprint from there. One jurisdiction kind of particularly exciting for us will be Ontario, where they're looking to roll out iGaming and sports betting kind of to the fullest extent possible.

[Suthan Sukumar, Principal]

Okay, great. And last question for me, is this more around your investment priorities now post the U.S. IPO. I mean you touched on in the opening remarks, you touched on kind of taking more control of your technology stack.Can you talk a little bit about some of the specific priorities for investment in technology? And is there any potential here for any M&A to help you accelerate your road map here?

[Benjamin David Levy, President, COO & Executive Director]

I think, Suthan, look, I think as John said off the top, it's -- one of our biggest priorities is going to be accelerating the growth of our team, particularly on the technology side. We have been building out big pieces of the technology stack in-house. Are there potential opportunities to supplement that with strategic M&A? Certainly. But it would take the kind of the right opportunity to fit in the context with what we're building.And then it's -- the other priorities are expanding our footprint and continuing our growth across the U.S. and Canada.

[Operator]

Your next question comes from the line of Chad Beynon with Macquarie.

[Chad C. Beynon]

Congrats on the U.S. listing.

[John S. Levy, Founder, Chairman & CEO]

Thank you.

[Chad C. Beynon]

Wanted to ask about the Illinois market access deal that you guys announced in the quarter. How should we think about your urgency to strike more deals in the near term, particularly for existing states? And now that you're a U.S.-listed public company, does this give you, I guess, more ammo to strike a deal similar to what you did with Penn to maybe compensate your partner with your stock? Is that something that could help you strike more deals versus some of the others who were trying to do deals? I just wanted to get a sense of how we should think about this going forward.

[John S. Levy, Founder, Chairman & CEO]

So I'll let -- let me start out with some general comments, and I'll turn it over to Benjie, who can talk specifically about the Illinois situation. But Chad, you're absolutely right. I mean part of the rationale for doing the listing in the first place was to arm ourselves so that we would be better equipped to participate and activate our levels of engagement as U.S. markets are more and more rapidly expanding. I think even before we did the listing, we've always been more aggressive than most in terms of our thinking about how fast things are going to open up, both north -- south of the border on a state-by-state basis. And obviously, in Canada as well. And it obviously gets competitive. But it puts us -- the whole listing and having a presence on that deck, and having the great partners that we have now, allows us to build this momentum. It allows us to do a great deal with Caesars in Illinois and hopefully more to come. And there was announcements today about states that are opening up. I think it was Maryland for one and Arizona for another. I mean this is happening a lot quicker than a lot of people felt. It was going to happen.So we've been working very hard. Benjie and our teams of -- our access teams and lawyers and consultants all across the U.S. have been engaged in this process for months and months. And now it's coming to fruition, and it definitely puts us in a position to be able to operate in that environment.And just at the outset, I'll say, we're in 4 states now. And we're hoping based on how these things are coming to fruition and our position now to be able to do these things that we'd be hoping even outside of what's going to happen in Canada to be and with the next 12 months perhaps and double the states, if not more than that, than we are currently operating in. And we think that's very reasonable, very practical. And then layer on Canada on top of that, where it's our home turf, I mean, it's a very exciting rollout over the next not-so-distant future. Benjie, do you want to talk a little bit about the Illinois situation?

[Benjamin David Levy, President, COO & Executive Director]

Yes. I mean I think just building on what John said, Chad, our goal is to be a national operator. And so we are actively pursuing market access arrangements in jurisdictions across the U.S. And as to Illinois specifically, we're very happy with the deal. We were able to reach with Caesars and very excited to be able to enter that market. It's the sixth biggest market in the U.S. Lots of hardcore sports fans there. We have a pretty good user base there, too. So we're getting cracking on that and going through the regulatory process straight away.

[Chad C. Beynon]

Great. And then secondly, I just wanted to ask about there's been a lot of focus on how the New York bill was finalized, how many platforms, how many skins, it still appears to be somewhat unclear and different than what we've seen in terms of the final product compared to other U.S. states. I wanted to tie this back to Canada. Do you have a sense of what the framework could look like? Could there still be some movement in terms of what the final product could look like? Is there any consensus in terms of the number of skins, the number of platforms, the fee just kind of ballpark what to expect over the next several months when this is finalized?

[John S. Levy, Founder, Chairman & CEO]

Yes. Yes. I can talk a bit about the sort of where things stand in Ontario, in particular. And the provincial government and the regulator here, the AGCO, has been actively engaged with the industry really over the last 18 months and have done a phenomenal job at doing this in an organized way and a very methodical way. And I think, really, their goal is to create a robust competitive dynamic online gaming industry here, where consumer choice is kind of one of their overarching principles. And based on the guidance that they've put out in their consultative documents, there -- it's going to be a direct relationship between operators and the AGCO. And they are not proposing that there would be any cap on the number of operators who would be able to enter the market as long as they satisfy the criteria that the AGCO is setting forth.And so we're particularly excited by the -- they're taking a very progressive view and approach with respect to how to create a dynamic market for online gaming.

[Operator]

Our next question comes from the line of Ben Chaiken with Credit Suisse.

[Benjamin Nicolas Chaiken, Research Analyst]

I think there's a proposed ban on gambling inducements in Canada is how it's being referred to. I guess do you view this as a tailwind to your business as presumably it removes the promotional threat from peers to some degree? Just curious on your thoughts navigating this and then on your thoughts about the initial strategy when the market opens it up at first.

[John S. Levy, Founder, Chairman & CEO]

I think, Ben, with respect to kind of the specifics -- the specific elements of what Ontario is proposing. I think it's still early days in their consultative process. So in terms of what this will -- what things will actually look like at the end of the day, that's still to be determined. I think from our perspective, it's clear that responsible gaming is a core tenet of ours and it's something that is being focused very intently on by the regulators in Ontario as a core element of the framework that they're designing. So how that manifests itself in terms of the final regs remains to be seen. But obviously, that's a core commitment of ours and theirs.In terms of time lines and how we're planning to approach the market here, this is our home turf. Ontario is home base for theScore. We have a tremendous user base here. And more importantly than that, we have a brand and a legacy relationship here with customers that goes back 20 years to our TV business. The kids who are watching our Sid & Tim (sic) [ Tim & Sid ] on our TV network when they were going to bed when they were 12 years old, they're now 25, 30 years old engaging with our app and betting on sports. And we just can't wait to unleash the power of that when the market opens up here.

[Operator]

Our next question comes from the line of Matthew Lee with Canaccord Genuity.

[Matthew James Lee, Associate Analyst of Telecom and Media]

I wanted to talk about the win rate in the quarter. I mean handle was obviously excellent, but I think GGR was a bit below where I thought it would be. Can you maybe help me understand the drivers there? And maybe did you sacrifice some of the profitability of bettors as far as the growth seen in handle?

[John S. Levy, Founder, Chairman & CEO]

So, Matt, listen, obviously, we're building this business strategically and what we're excited about is, obviously, is the fact that even though it's early days, the wagering is going up dramatically. But the bottom line is in what we said before is until you -- even on a state-by-state basis, until you get to a critical mass, you are always going to be susceptible to swings in terms of the revenue generation coming out of the wagering. So we are completely confident that over time, in each of the markets that we enter into, that this is going to normalize over time. And we are going to see the fruits of our labor in terms of generating all this wagering on a state-by-state basis, both in all the states that we entered into, the future ones that we're going to be entering into and up here in Canada as well. So we're very encouraged by what we're seeing in the short term, and we're seeing progress towards what you're talking about, even in these early days as we move forward.

[Matthew James Lee, Associate Analyst of Telecom and Media]

Right. Okay. And then maybe just a bigger picture question. I mean how do you guys feel about your platform against some of the larger players? I mean we can't use it in Canada yet, but do you think that you offer better as kind of the same offering, the same bets available as maybe some of the other players? And if not, do you expect to be able to do so in the near term?

[John S. Levy, Founder, Chairman & CEO]

Well, again, I think it gets back to sort of our whole differentiated approach, right? I mean, obviously, you have to have the product, you have to have the markets available. We're expanding and you try to relate the products in the markets to the states you're in or the provinces you're in or even on an individualized basis, which really gets very exciting the more and more you learn about the business and the more information you have to be able to make it so easy for your end users, right, to be able to serve it up to them. But the core for us is to do it in a fashion that really speaks to how the whole integration of the betting into the media app. And yes, you want to have, you have to have and we do have, and we'll have all the different markets that are available on the other platforms. But as we've always said, it's not good enough, in our estimation, just to be a betting platform. What you have to do is take this holistic approach to it and satisfy all the users' demands when he's in the media app, when he's in her bet section, when he's in a chat room, when he gets the inkling that he wants to make a bet to serve it up to them very efficiently and very seamlessly. And that's something that we can do that the other guys can't do. And it even becomes more and more important when you look at what percentage of the wagering is growing with respect to in-game. And that's where an offering such as ours really shine. So for us, it is all about the product. And that's why we're investing so heavily in it. That's why we're hiring like crazy. And quite frankly, we call ourselves a media company, but we're really a technology company, and that's what's -- of critical importance to us.

[Matthew James Lee, Associate Analyst of Telecom and Media]

Yes. That's great. And then just on the media side of things, I mean, your sessions number was really good, but monthly active, you just kind of came down a bit year-over-year, which surprised me because I think we have more sports going on this quarter than we did maybe Q2 '20. Can you maybe elaborate on that a bit?

[John S. Levy, Founder, Chairman & CEO]

Well, I think, first of all, it's hovering around that 4 million average monthly users. Again, you're right. What excites us, though, is a couple of things, what the engagement is of those users. And in that number, don't forget because of churn, there's a whole bunch of new users that come on board as well. So I think, Matt, it's really hard to do comparators year-over-year because of the differentiated schedules because when sports is happening. And even if you look at the broadcast numbers in terms of what their experience is. In the digital landscape, it continuously is growing. And when you look at how we're touching users on our other platforms as well, it is also growing.But we're very excited about how fast people snap back to the app after months and months of nothing happening, right? So we expect that, that's going to continue -- that will grow over time. And one of the things we've also said before is -- as this -- as we treat this whole Vegas ecosystem and as we get more and more people becoming score betters, a high majority -- a great proportion of whom are also media users. As the betting side of our business grows and the media side of our business growth, the sort of this rising tide floats all boats. So we think that over time that, that's going to be helpful on the media side, too.And then the only other thing I'd say is when you look at our revenue numbers being generated on the media side, we're showing record numbers in Q2. And again, that's a credit towards just advertisers, both on the direct side and the programmatic side, knowing where the engagement is and where people are. So our media universe on the app is serving us very well.

[Operator]

And your last question comes from the line of David McFadgen with Cormark.

[David John McFadgen, Director of Institutional Equity Research]

So a couple of questions. Maybe just, first of all, I have a follow-up to a previous question asked. Can you comment on what states you're specifically doing better on in terms of market share of handle? So far, given the evolution of each state, I know it's different, but maybe you can comment on where you might be doing a little better than where you are elsewhere.

[John S. Levy, Founder, Chairman & CEO]

Benjie, do you want to try to...

[Benjamin David Levy, President, COO & Executive Director]

Yes. I mean, I think, David, really, it's -- we're seeing good strength across the board. I mean the most recent state, the state where we're new it is Iowa. But I think in the 3 where we've been operating for in the case of Colorado and Indiana, 6-plus months, and in New Jersey over a year, albeit kind of COVID stilted, we're seeing good pickup across the board in all of those states. I mean there isn't one where you'd say, oh, it's kind of necessarily outsized.

[David John McFadgen, Director of Institutional Equity Research]

Okay. I mean you disclosed that the gaming handle for New Jersey was up 195% in Q2. I was wondering, can you disclose the actual gaming handle number?

[John S. Levy, Founder, Chairman & CEO]

No. We're not breaking out the state-by-state numbers at this point, David.

[David John McFadgen, Director of Institutional Equity Research]

Okay. And then just on Canada. So I believe that so far, Ontario is the only province that looks like they're going to launch iGaming sports betting in the near term, but maybe I'm wrong. Have you seen other provinces gearing up like Ontario and planning on launching in the near term?

[John S. Levy, Founder, Chairman & CEO]

I mean I think Ontario certainly is the furthest out front. They've been working at it for the better part of the last 18 months. We do know that all the provinces have eyes on this because they all are very interested and supportive of the amendment federally on the single-event sports wagering front. So whether it's Alberta, British Columbia, Québec, Saskatchewan, there, everybody is significantly interested in kind of having this outdated law amended. So what form each province is going to take, how quickly they move to implement, I think those are all still open questions at this point. But we do know that several, if not all, of the provinces are kind of very interested in the outcome of this, and they are all -- they all have kind of keen eyes on Ontario in terms of how they're progressing with their framework and their model.

[Operator]

And you have no further questions at this time.

[Alvin Lobo, Chief Financial Officer]

Thank you, everyone, for joining our fiscal 2021 second quarter call. We look forward to speaking with you once again when we report Q3 in mid-July.

[John S. Levy, Founder, Chairman & CEO]

Thanks very much.

[Alvin Lobo, Chief Financial Officer]

Thanks.

[Operator]

Thank you. And this concludes today's conference call. Thank you for joining, and you may now disconnect.