FuboTV to close Fubo Sportsbook operations
The operations will close with immediate effect.
US.- Streaming provider FuboTV has announced that it has decided to close its Fubo Gaming subsidiary and Fubo Sportsbook with immediate effect. The firm said that continuing to run them would impact its ability to reach its longer-term profitability goals.
FuboTV has also announced its preliminary results for the third quarter of 2022. The firm reported that North American revenue is expected to increase by 34 per cent year-on-year to approximately $120m. Rest of world (ROW) revenue is expected to reach at least $5.5m.
North American paid subscribers for Q3 are expected to exceed 1,220,000, more than 27 per cent higher than in 2021. ROW subscribers could reach up to 350,000. The firm expects to post approximately negative $100m adjusted EBITDA for the quarter, with cash and cash equivalents of at least $300m.
FuboTV co-founder and chief executive David Gandler said: “Following our previously announced strategic review, we have concluded that continuing with Fubo Gaming and Fubo Sportsbook in this challenging macroeconomic environment would impact our ability to reach our longer-term profitability goals. Therefore, we have made the difficult decision to exit the online sports wagering business effective immediately.
“FuboTV’s strong preliminary third quarter 2022 results reflect meaningful advancements against our continued mission to profitably scale a leading global live TV streaming platform differentiated by the greatest breadth of premium content and interactivity.
“We expect to deliver strong revenue and subscriber growth in Q3, exceeding our previously issued guidance in North America, against the backdrop of a highly competitive operating environment. We’re pleased with this expected performance, and our progress toward achieving our positive cash flow target in 2025.”
SportsGrid launches on FuboTV in the US and Canada
The sports wagering streaming network SportsGrid has launched on the streaming platform FuboTV in the US and Canada. SportsGrid is a live 24-hour sports wagering platform providing 18 hours of programming hosted by sports and betting experts and guests.
The network offers real-time sports news, data, analytics, and statistics broadcasted from production facilities in New York City and from the SG Studios & Production Hub in Holmdel, New Jersey. SportsGrid’s reporting and analytic platform includes daily odds, lines, matchups, reports, statistics, and news, across the NFL, NBA, MLB, NHL, college sports, golf, tennis, and soccer.
