fuboTV to Acquire Sports Betting Company Vigtory, Plans to Launch Sportsbook This Year
fuboTV announced this morning that they are officially in the process of acquiring sports betting and interactive gaming company Vigtory with intentions to close out the deal in the first quarter of the year. Terms of the deal were not disclosed.
fuboTV also announced they plan to launch a sportsbook by the end of the year. The goal is to leverage Vigtory’s sportsbook platform and digital gaming assets, and its consumer-driven betting technology, to develop a frictionless betting experience for fubo’s customers. Additionally, Vigtory has been in discussions for market access agreements in the eastern part of the United States and currently has a deal secured in Iowa through Casino Queen.
Vigtory was founded in 2019 by digital sports entrepreneur, Sam Rattner who was later joined by Scott Butera as co-CEO in 2020. Under the proposed acquisition, both Butera and Rattner will join fuboTV’s gaming division as president and COO, respectively.
“We believe online sports wagering is a highly complementary business to our sports-first live TV streaming platform. We don’t see wagering as simply an add-on product to fuboTV. Instead, we believe there is a real flywheel opportunity with streaming video content and interactivity,” said David Gandler, co-founder and CEO, fuboTV.
“Our free to play gaming experience, which will be available to all consumers, will build further scale to fuboTV, essentially acting as another lead generator for driving subscribers to our streaming video platform and, ultimately, our sportsbook. We not only expect sports wagering to become a new line of business and source of revenue, but we also expect that it will increase user engagement on fuboTV resulting in higher ad monetization, better subscriber retention and reduced subscriber acquisition costs.”
fuboTV also divulged more more details regarding their wagering strategy revealing that they plan to launch a free to play gaming experience this summer, made possible by their acquisition of Balto Sports in December. They will first launch the free to play experience as a standalone app and later be integrated directly into the fuboTV user experience, though non-fuboTV subscribers will have access as well.
Just last week, fuboTV announced that they expect to exceed 545,000 subscribers at the end of the fourth quarter (72 percent year-over-year increase). The company had projected ~510,000 subscribers going into the quarter.