Writer’s Strike End a Boon for Sports Networks, Agencies
Fubo Sportsbook is no more.
When FuboTV announced its preliminary third-quarter results on Monday, the sports-focused streaming platform revealed it’s closing its Fubo Gaming subsidiary, as well as operations of its Fubo Sportsbook, effective immediately.
The announcement follows the company’s strategic review of the division.
FuboTV claimed that “while multiple parties expressed interest in the business, none of these opportunities would have allowed Fubo to lower its funding requirements and generate sufficient returns to shareholders.”
- Fubo Sportsbook launched last year and, as recently as June, reportedly said it still planned to launch live odds this year.
- In August, it announced the expected launch of Fubo Sportsbook in two additional markets but revealed it would no longer pursue independent wagering.
The company’s earnings call in November is expected to provide more details.
FuboTV’s Finances
While gambling may have proven unsuccessful, the rest of the company seems to be doing just fine.
FuboTV expects third-quarter revenue in North America to grow 34% year-over-year to at least $210 million, with Rest of World revenue — which includes Molotov, a French live TV streaming service that FuboTV acquired in December for $190 million — reaching at least $5.5 million. The company’s previous North America revenue guidance was $200 million-$205 million.
The company expects its paid subscribers in North America to surpass 1.22 million, a more than 27% year-over-year increase, and ROW paid subscribers to reach around 350,000.
