Fubo Sportsbook Starting to Struggle
The entire sports betting industry in the United States has started to produce some disappointing results, but this usually happens every summer. Fubo Sportsbook is one operator that appears to be having more issues than just the annual dip in sports betting action.
In January 2021, Fubo purchased Vigtory, a sports betting company that gave Fubo the goal of jumping into the sports betting industry. At that time, Fubo was determined to take an aggressive approach to become a solo sports betting operator, and things got off to a great start.
The COVID-19 pandemic affected many different industries throughout the United States, and that included sportsbooks and the entire sports betting industry. Fubo has been hit extremely hard, and it is now looking for a sports betting partner or a potential buyer.
Fubo Sportsbook does offer an interesting platform for a potential partner as it incorporates a live-streaming service into the sports betting offer. It’s not likely that a big name will want to partner with Fubo, but an international operator could use this platform as a way to break into the United States.
As of August 1, Fubo Sportsbook has market access in at least 10 states throughout the country in which it has not yet launched. This would make for a good investment for a smaller sports betting company, or even a media company that wants to find a way to launch a sportsbook.
A letter was recently sent to shareholders that outlined the next possible steps for Fubo, but a firm answer has not yet been brought to the table.
Growing Throughout the U.S.
Fubo TV has been a big name for a few years, and it wasn’t necessarily a shock to see it get into the sports betting industry. Fubo launched its first online sportsbook in November 2021 and it did so in the state of Iowa.
After a successful launch in Iowa, Fubo Sportsbook was then able to go live in the state of Arizona as well. New Jersey is the next state that is expected to have a Fubo Sportsbook, and that launch should occur at some point in September.
Fubo Sportsbook is not a leader in Iowa or Arizona, but it does provide a unique and innovative sports betting experience.
Fubo TV Hurting As Well
The struggles with the sportsbook option from Fubo mirror what is taking place with the streaming TV service that has driven this company. Fubo TV continues to add new customers throughout North America, but it hasn’t led to an increase in revenue.
Fubo lost over $116 million during the second quarter in 2022, and it also lost money in the second quarter in 2021. The company does project to start producing a revenue at some point in the future, but it’s unclear just how long that will take to play out.
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