fuboTV Acquires Balto Sports as First Step Into Online Sports Wagering Market
December 01 2020 - 4:27PM
Business Wire
fuboTV Inc. (NYSE: FUBO), the leading sports-first live TV
streaming platform, has acquired Balto Sports, marking the
company’s first move into the online sports wagering market.
Terms of the deal were not disclosed.
Balto Sports is a Y Combinator company that develops tools for
users to organize and play fantasy sports games. fuboTV intends to
leverage its own proprietary technology along with Balto’s contest
automation software to launch a free to play gaming offering.
In connection with the deal, Balto’s team will join fuboTV and
will be instrumental in driving the company’s expansion into both
free to play gaming and online sports wagering. The online sports
wagering market is expected to reach $155 billion by 2024 according
to Zion Market Research.
Additional announcements will be forthcoming.
David Gandler, co-founder and CEO, fuboTV, commented, “As we
said in our third quarter earnings announcement last month, fuboTV
sees the online wagering space as complementary to our sports-first
live TV streaming platform. We believe there are significant
synergies between consumers who enjoy wagering and our subscribers
who enjoy streaming live sports, creating a flywheel opportunity.
As we’ve previously expressed, one of our goals with wagering is to
expand our total available market (TAM) by developing another
important revenue stream for fuboTV, as we are doing with our
growing ad sales business.
“The acquisition of Balto Sports will enable us to build a first
class, free to play experience that brings consumers the best games
around live sports. From there, we see a natural progression to
layer on real money wagering in regulated markets complementing
fuboTV’s live streaming video for a highly engaging user experience
within our platform. We will be strategic in our approach to
wagering as we consider and evaluate different opportunities and
will adjust our plans accordingly. We’re excited to launch sports
wagering, integrate it into our core offerings and deliver what we
believe will be a truly groundbreaking live TV streaming platform
to consumers.”
About fuboTV
fuboTV (NYSE: FUBO) is the leading sports-first live TV
streaming platform offering subscribers access to tens of thousands
of live sporting events annually as well as leading news and
entertainment content. fuboTV’s base package, fubo Standard,
features a broad mix of 100+ channels, including 43 of the top 50
Nielsen-ranked networks across sports, news and entertainment
(Primetime A18-49).
Continually innovating to give subscribers a premium viewing
experience they can’t find with cable TV, fuboTV is regularly
first-to-market with new product features and was the first virtual
MVPD to stream in 4K.
fuboTV merged with FaceBank Group in April 2020 to create a
leading digital entertainment company, combining fuboTV’s
direct-to-consumer live TV streaming platform for cord-cutters with
FaceBank’s technology-driven IP in sports, movies and live
performances.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based on the
current beliefs, expectations and assumptions of fuboTV and on
information currently available to fuboTV. The forward-looking
statements in this press release represent fuboTV’s views as of the
date of this press release. These statements may include, but are
not limited to, statements regarding future events or future
financial and operating performance and fuboTV’s plans for, and the
anticipated benefits of, and new strategic partnerships. Although
fuboTV believes the expectations reflected in such forward-looking
statements are reasonable, fuboTV can give no assurance that such
expectations will prove to be correct. Forward-looking statements
may involve known and unknown risks, uncertainties and other
factors that may cause fuboTV’s actual results, performance or
achievements to be materially different from those expressed or
implied by the forward-looking statements. Accordingly, readers are
cautioned not to place undue reliance on these forward-looking
statements. Except as required by applicable law, fuboTV does not
plan to publicly update or revise any forward-looking statements
contained herein, whether as a result of any new information,
future events, changed circumstances or otherwise. No
representations or warranties (expressed or implied) are made about
the accuracy of any such forward-looking statements. Important
factors that could cause fuboTV’s actual results to differ
materially are detailed from time to time in the reports fuboTV
files with the Securities and Exchange Commission, copies of which
are available on the Securities and Exchange Commission’s website
at www.sec.gov and are available from fuboTV without charge.
However, new risk factors and uncertainties may emerge from time to
time, and it is not possible to predict all risk factors and
uncertainties.
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fuboTV Investors and Media
Media: Jennifer L. Press jpress@fubo.tv Katie Minogue
kminogue@fubo.tv Investors: The Blueshirt Group for fuboTV
ir@fubo.tv
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