Top Cat

What is Top Cat?

The Tapeta surface will be used exclusively for winter racing, allowing Belmont to take over Aqueduct’s former winter schedule as NYRA consolidates its operations at Belmont and Saratoga.

The Belmont Stakes, which was staged at Saratoga during construction, will return to its traditional Long Island home in 2027. Belmont will also host the Breeders’ Cup World Championships in October 2027, bringing the event back to New York for the first time since 2005.

Belmont represents NYRA’s vision of a new operating model for racing in the state—a smaller, modernized venue capable of absorbing the entire downstate racing calendar. And with almost $14 million wagered on its opening card, it’s off to a flying start.

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One answer is that the industry is no longer being valued primarily on the promise of endless growth. The market instead wants to see profit, cash generation and manageable regulation maintained across all facets of a listed business. Ed Birkin, managing director of H2 Gambling Capital, says the longer-term decline in gambling stocks runs much deeper than just changes to earnings forecasts.

“The industry share price declines have been much more severe than the cut to earnings projections which means that, while there may be some weakening in some companies’ fundamental growth drivers, the valuations that investors are putting on them have been the main driver of share price declines – although weaker fundamentals lead to lower valuations, so the reality is that they’re completely intertwined.”

Entain’s demotion comes after another – and arguably more significant – symbolic move by Flutter Entertainment. Flutter began trading on the New York Stock Exchange in January 2024 and later moved its primary listing from London to New York.

What is Top Cat?

Canada-based Score Media & Gaming may have just scored a game-winning touchdown. In an announcement made after markets closed yesterday, the company behind theScore and Score Bet sports gambling brands has launched an initial public offering (IPO) as it goes live on the Nasdaq Global Select Market (NGSM). The move follows on the heels of Canada’s preliminary approval of single-event sports wagers, which is expected to greatly benefit Score Media, and could quickly lead to the company’s stock price skyrocketing. 

Score Media announced that it is selling five million shares, fewer than previously expected. The company had changed gears with its public launch, announcing last week a reverse split that would cut out some of the available shares while increasing the per-share price. It has already found support, with underwriters Canaccord Genuity, Credit Suisse, Macquarie Capital and Morgan Stanley able to purchase another 15% on top of the initial five million shares. Should they exercise that option, there would be a total of 5.75 million shares available. The underwriters have 30 days to make up their minds, which will give it time to see how the market reacts. 

Several gaming entities have jumped into public trading recently, most notably, DraftKings. It saw a huge response when it launched its IPO last year, and Score Media hopes it can see a similar response. With operations in Canada, Colorado, Indiana and New Jersey, heavy interest is not out of the question, and the company is ready to capture a larger piece of the market. It added in its announcement, “[Score Media] currently expects that the net proceeds of 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 theScore is, or will be, operating.”