Fubo ‘Evaluating’ its Sports Betting Product, Scouting Partners
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Less than a year into sports betting, Fubo may have had enough.
The streaming service launched its first mobile sportsbook in September 2021 after acquiring Vigtory for an undisclosed amount a few months prior. Ahead of its Q2 earnings call Thursday, Fubo sent a letter to shareholders saying it will "no longer pursue online wagering independently."
"We recognize the market has changed," Fubo CEO David Gandler told analysts during the call, adding that Fubo Sportsbook has "something to offer" prospective partners.
JUST IN: @fuboTV, which closed its deal to buy Vigtory in March 2021, now says that, “in light of the current economic environment, the company has made the decision to no longer pursue online wagering independently and is evaluating strategic opportunities.”
— Darren Rovell (@darrenrovell) August 4, 2022
When Fubo acquired Vigtory in March 2021 it sold stockholders on turning passive sports fans into active sports bettors by integrating betting technology into FuboTV.
It lost $182,000 from Fubo Sportsbook in Q2 2022, the company said.
The company still plans to launch Fubo Sportsbook in more markets, perhaps a move to bolster the asset before a potential sale.
"We recently submitted our Fubo Sportsbook mobile app to the New Jersey Division of Gaming Enforcement and expect to be approved in time for the 2022 football season. In addition to New Jersey, we expect to launch an additional market in the ensuing weeks," the letter reads.
Fubo has applied for a sports betting license in Ohio, which will allow online wagering starting at midnight on January 1, 2023, regulators announced earlier this week. Fubo also has a partnership deal in place with the Cleveland Cavaliers.
Fubo sportsbook is live Arizona and Iowa.
Should California legalize online sports betting in November, Fubo would have market access in 10 states, the rest being Indiana, Louisiana, Mississippi, Missouri, Ohio, Pennsylvania and Texas.
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