TheScore is gearing up to take the US sports betting market by storm.

On Tuesday, sports media giant theScore announced it had entered an investment agreement with Fengate Asset Management for $40m.

TheScore will use the $40m investment to fund the growth and development of the company’s sports betting operations.

John Levy, Founder and CEO of theScore said: “theScore is focused on becoming a leader in mobile sports gaming in North America and this strategic investment significantly enhances our ability to execute on this plan.

“Fengate is recognized as a highly respected and experienced investor across North America, with significant expertise in the gaming industry. They are the perfect strategic investment partner as we launch our best-in-class mobile sportsbook in the United States.”

TheScore already has millions of active users in the US and is hoping to use its position as a media company to cross in the realm of sports betting.

theScore completes New Jersey rollout

Tuesday also saw the full rollout of theScore’s New Jersey sports betting app. The media company initially soft-launched the betting app back in August.

TheScore’s online sportsbook is powered by Bet.works, a new B2B sports betting supplier that has been making waves in recent months with several high profile hirings from within the gambling industry.

According to a press release, theScore’s app features a new Bet Mode Feature which gives users instant access to faster scoring updates and data, real-time odds, live bet tracking and additional betting content.

Levy said: “theScore Bet is a completely unique and ground-breaking mobile sports betting experience.

“Our team has launched a best-in-class sports betting app that’s also been seamlessly integrated with our market-leading media app. Millions of sports fans all over North America were already using theScore, with many relying on our data and content to help inform their betting decisions.

“Now, starting with fans in New Jersey, we’ll be able to bring the bet right to them. We’ve always believed sports betting is just one facet of the overall fan experience, and now with theScore Bet we can deliver sports betting the way it was meant to be.”

TheScore in other states

Although theScore has yet to announce plans for expansion outside of New Jersey, the media company has secured access to several other US markets.

In August, theScore secured a market access agreement with Penn National Gaming. Under the deal, theScore will have access to Indiana, Iowa, Kansas, Louisiana, Maine, Massachusetts, Michigan, Mississippi, Missouri, Ohio and Texas.

Of the 11 states listed, only Indiana and Iowa have legalized online sports wagering. As these states open up theScore will be able to establish a strong foothold in the US sports betting space.