If you’ve ever bet on a sports game, you’re likely aware having money on the line can spice-up the viewing experience.
FuboTV knows it. Yesterday, FuboTV — the streaming service focused on live sports — announced a deal to acquire nascent sports betting platform Vigtory.
The playbook is clear: rake in both consumers’ monthly streaming fees and ill-timed bets on the Lions (sorry Detroit).
FuboTV was launched six years ago with a focus on a narrow but extremely passionate audience: American soccer fans looking to watch European games (if you know one, you know one). Since then, Fubo has become a full-blown streaming platform while still maintaining its emphasis on sports content.
Fubo completed an IPO last October at $10 per share, and since then, has been on a roller-coaster ride à la the life of a Bills fan.
Gambling Strategy: According to management, the acquisition of Vigtory will help diversify the company’s revenue stream and boost engagement with fans:
- The deal comes just a month after FuboTV bought Balto Sports, which created the animation software that powers the Vigtory app.
FuboTV ended 2020 with around 545,000 subscribers and executives expect to reach three million by estimated to hit 3 million by 2025.
A Popular Playbook
Fubo won’t have the playing field all to themselves.
DraftKings has partnered with both ESPN and AT&T’s Turner networks to integrate their gambling offerings into the respective media platforms’ offerings.
The Takeaway: Guard your wallet, folks.