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FuboTV completes Vigtory acquisition


Sports-focused streaming platform FuboTV has completed its acquisition of sportsbook operator Vigtory.

The company said its expected expansion into wagering and interactivity will further differentiate it from its competitors.

Free-to-play predictive games will mark the beginning of FuboTV’s gambling roadmap, it said, which it believes will enhance the sports streaming experience while providing a bridge between its video service and sportsbook.

The acquisition of Vigtory allows FuboTV to accelerate the launch of its Fubo Sportsbook. The brand has secured its first market access deal in Iowa through Casino Queen.

It has also signed agreements with Major League Baseball (MLB) and the National Basketball Association (NBA) to become an authorized gaming operator of each league.

The agreements mean Fubo will have access to official data and may include MLB and NBA league marks and logos within the Fubo Sportsbook when it is rolled out.

FuboTV plans to launch its free-to-play predictive games in the third quarter of 2021, first to FuboTV subscribers and later to all consumers.

Its sportsbook brand is expected to launch in the fourth quarter.

The business also revealed that in Q4 2020, FuboTV’s revenues were up 98% year-on-year at $105.1m, with $91.4m coming from subscriptions and a further $13.1m from advertising.

The company reported a net loss attributable to common stockholders of $167.8m for the quarter, however, with an earnings before interest, tax, deprecation and amortisation (EBITDA) loss of $43.5, representing a smaller loss than in 2019 by $2.8m.

For the full year 2020, FuboTV generated $268.8m in revenues, with $230.7m coming from subscriptions and $29.0m from advertising revenue.

Adjusted EBITDA for the year was a loss of $169.0m.

FuboTV announced its acquisition of Vigtory in January this year, under the agreement that Vigtory founders Sam Rattner and Scott Butera would join FuboTV as chief operating officer and president of gaming respectively.

The company made its first move into the online sports wagering market in December, with the acquisition of fantasy sports supplier Balto Sports.

In February, it was announced that FuboTV was the subject of a class action lawsuit in New York, over claims it misled investors regarding its prospects of achieving success as an online sportsbook operator in relation to the acquisition of Balto Sports.

The case was filed at the Southern District of New York, on behalf of investors who purchased or otherwise acquired common stock of Fubo from 23 March 2020 to 4 January 2021.