Yet another sports media company is wading into the gambling space.
Sports-centric live TV streaming service FuboTV is buying Y Combinator company Balto Sports. Using Balto’s contest software, FuboTV will launch a free-to-play gaming offering as the first product of the acquisition. Terms of the deal were not announced.
Complementary Wagering: During its third quarter earnings announcement, FuboTV executives mentioned sports betting as a complementary piece to the company’s live TV streaming platform.
“One of our goals with wagering is to expand our total available market by developing another important revenue stream for fuboTV, as we are doing with our growing ad sales business,” FuboTV co-founder and CEO David Gandler said.
FuboTV increased its advertising revenue to $7.5 million in the third quarter, up 153% year-over-year. Subscription revenue increased 64% to $53.4 million from 455,000 subscribers.
Betting on Wagering:
- Sinclair Broadcasting Group sold the naming rights to its regional sports networks to Bally’s with plans to integrate online sports betting.
- NBCUniversal entered a $500 million deal with PointsBet in August.
- Yahoo partnered with BetMGM and includes a Yahoo Sportsbook.
- Turner Sports has deals with both FanDuel and DraftKings.