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fuboTV (NYSE: FUBO) is heading to a very promising corner of the sports market. The company announced on Tuesday that it has agreed to acquire sports betting and video game specialist Vigtory. Capitalizing on this new asset, fuboTV said, it plans to roll out a bookmaker (i.e. a sports betting service) by the end of this year.
Neither the price nor the terms of the deal have been made public.
Vigtory is a relatively new company, having been founded in 2019. It is no coincidence that it was in the midst of a wave of legalization of sports gambling legalization across the United States. many states; at least some of them are likely to become legal in order to generate more tax revenue.
Image source: Getty Images.
fuboTV is determined to be competitive in this segment. Last month it acquired another sports betting technology company, Balto Sports. In press releases touting both the Balto and Vigtory deals, fuboTV cited an estimate from Zion Market Research that predicted the online sports betting market to be worth $ 155 billion by 2024.
“We believe that online sports betting is a very complementary business to our live, sports-focused TV broadcasting platform,” the company said, citing CEO David Gandler in the Vigtory press release. “We don’t see betting as just a complementary product to fuboTV. Instead, we believe there is a real opportunity for inertia with streaming video content and interactivity.”
The investors in fuboTV seem to be in full agreement. On Tuesday, the company’s shares rose 34%, well above the flat performance of the S&P 500 index.
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