FuboTV to launch sportsbook in Q4 2021
OTT streaming platform prepares for product diversification as 2021 revenue guidance is increased to $470m
Live sports streaming platform fuboTV has revealed its sports betting roadmap following its acquisition of Vigtory.
The New York-listed firm revealed the new product, fubo Sportsbook, is scheduled to launch in Q4 2021, with initial free-to-play (F2P) predictor games going live in Q3.
The F2P content will be powered via Balto Sports, a group acquired by fuboTV in December 2020.
FuboTV has secured its first market-access deal to facilitate the launch of its sportsbook in Iowa via Casino Queen.
The firm’s Vigtory brand originally secured a partnership with Casino Queen in 2019.
Additionally, fuboTV has also put pen to paper on sponsorship agreements with Major League Baseball (MLB) and the National Basketball Association (NBA) to become an authorised gaming operator of each league.
When the fubo Sportsbook officially goes live, it will be afforded the rights to use MLB and NBA imagery and logos throughout its platform.
The group added it eventually intends to integrate the fubo Sportsbook into the fuboTV live streaming platform for a “seamless viewing and wagering experience”.
FuboTV revealed the roadmap as part of its Q4 2020 results, where it noted paid subscribers had increased by 73% year-on-year (YoY) to 547,880.
Revenue rose 98% YoY to $105.1m, with $91.4m derived from customer subscriptions.
As a result, fuboTV has increased its revenue guidance for 2021 by up to 80% to $470m (£337.2m), with a subscriber base increase estimate of up to 41%.
These projections do not include potential revenue or customers gained from online sports betting.
David Gandler, fuboTV CEO, said: “Our goal is to develop fuboTV into a new kind of media company that combines streaming video and interactive sports wagering.
“Our platform provides unique customer opportunities that combine video streaming with wagering including cross marketing and promotion,” he added.