FuboTV Acquires Vigotry Sportsbook
The terms of the deal were not disclosed. It has been rumored for some time that Fubo wanted to have a sports gambling offering to retain its subscribers. Vigotry will still be available to individuals outside of the FuboTV platform.
FuboTV was started six years ago to offer Americans streams of foreign soccer games. Over the years, the company worked to turn its platform into a viable alternative to the traditional cable-TV. Its main competitors are Youtube TV, Hulu + Live TV, SlingTV, and AT&T TV Now. However, FuboTV has kept some of its roots and still has its ties to foreign soccer streams.
It has been a growing trend for media companies to acquire or partner with online sportsbooks. Many see it as an opportunity to expand margins as states in the US continue to legalize sports gambling. Currently, 25 states and the District of Columbia have legalized sports betting. The US sports-betting market is expected to reach $13.5 billion in 2025, with the expectation of sports gambling being legal in 38 states by then, according to MGM Resorts International.
FuboTV Chief Executive David Gander believes sports gambling will generate more revenue for FuboTV and increase customer interaction with its platform. Sports content is more expensive than ever before and the increasing cost of streaming platforms has reflected it. In the past year, Youtube TV went from $50 a month to $65, Hulu + Live TV went from $55 to $65, and FuboTV went from $55 to $60.
“The reality is that sports cost more than it ever has,” Mr. Gander said.