FuboTV has announced its intention to buy out Vigtory, a sports betting provider, to create a new breed of sports entertainment company that focuses on wagering and live streaming experiences for sports fans.
Vigtory and FuboTV Seek Streaming and Betting Opportunities
FuboTV, a provider of live streaming options for sports, is treading on sports betting territory. The company has released a binding letter of intent to buy out Vigtory, a sports betting firm, allowing the streaming provider to develop and integrate its product with a new aspect of the sports experience.
FuboTV’s intention to break ground in the sports betting vertical is not entirely new, with the company confirming that it would seek such a move back in 2020. While no specifics about the potential deal were publicly disclosed, fuboTV is looking forward to acquire Vigtory in the first quarter of the year.
An early acquisition will allow fuboTV to begin positioning on the highly-competitive sports betting market in the United States and beyond. With some luck, fuboTV may be able to launch before 2021 on time for the new sports seasons in winter.
As part of the deal, fuboTV hopes to achieve deep synergies with Vigtory’s platform and online assets, integrating the sportsbook into the live streaming platform and making for a seamless transition between both products.
Vigtory is not a chance partner either, as the company already has access to markets in the United States, including Iowa through a partnership with Casino Queen. Vigtory co-CEO Scott Butera and Sam Rattner, the company’s founder, will join fuboTV as chief executives as the deal draws to a close.
Strong Synergies Between Betting on and Watching Sports
Commenting on these developments, fuboTV CEO David Gandler expressed his confidence that live streaming and sports betting are two highly-complementary products and must be integrated together.
“We don’t see wagering as simply an add-on product to fuboTV. Instead, we believe there is a real flywheel opportunity with streaming video content and interactivity.”
-fuboTV CEO David Gandler
Gandler is convinced that sports betting will be a new business opportunity and a source of revenue. Moreover, fuboTV is confident that sports betting will lead to better engagement in the live streaming sector as well and boost ad monetization as well as lead to better subscriber retention and slash acquisition costs insofar new customers are concerned, the executive added.
Commenting for his part, Rattner explained that fuboTV and Vigtory have a common vision and will seek out to develop great projects based on great technology. He called the integration of Vigtory’s platform with fuboTV unique digital marketing opportunity.
FuboTV has been on the move and in December, the company acquired Balto Sports, a technology company to make free-to-play products which will be rolling out later this year in summer and hopefully add to engagement with sports fans.
All of this comes on the back of historic quarter earnings reported by fuboTV in Q3, 2020. In 2019, fuboTV teamed up with FanDuel to provide sports betting data to sports fans.