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Cleveland Cavaliers and Fubo Gaming Announce Ohio Market Access Agreement
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
The Cleveland Cavaliers and Fubo Gaming, a subsidiary of fuboTV (NYSE: FUBO), have announced a market access agreement allowing the launch of Fubo Sportsbook in Ohio, pending regulatory approvals. This agreement expands their existing partnership formed in October 2021, coinciding with the recent legalization of sports betting in Ohio. The Fubo Sportsbook aims to provide fans with a unique, integrated live TV streaming and sports betting experience, including a new sports lounge at Rocket Mortgage FieldHouse. This marks Fubo's seventh market access agreement.
Positive
Market access agreement with Cleveland Cavaliers enhances Fubo's presence in Ohio, a newly legalized sports betting market.
Fubo Sportsbook offers a unique integration of live TV streaming and sports betting, potentially attracting a larger customer base.
Plans for a new sports lounge at Rocket Mortgage FieldHouse to enhance game-day experiences for fans.
Negative
None.
First U.S. Mobile Sportsbook to Integrate With Owned-and-Operated Live TV Streaming Platform Expected to Launch in Ohio Pending Regulatory Approvals
CLEVELAND & CHICAGO--(BUSINESS WIRE)--
The Cleveland Cavaliers and Fubo Gaming, a subsidiary of fuboTV Inc. (NYSE: FUBO) today announced a market access agreement, making Fubo Sportsbook an Official Mobile Sports Betting Partner of the team when the sportsbook launches in Ohio, pending requisite regulatory approvals.
Fubo Sportsbook Named the Cavs' Official Mobile Sports Betting Partner.
(Photo: Business Wire)
The announcement, which further advances the companies’ current marketing partnership formed in October 2021, comes on the heels of the legalization of sports gambling in the Buckeye State. Pending regulatory approvals, Fubo Sportsbook will launch its market-defining wagering platform in Ohio, offering Cavs fans even more personalized and immersive game-day experiences.
Fubo Gaming launched Fubo Sportsbook in the fourth quarter 2021 and is live in two states: Iowa and Arizona. Fubo Sportsbook is purpose-built to meet U.S. sports fans’ growing demand for interactivity through an industry-first integration of an owned-and-operated sports wagering platform with a live TV streaming experience.
The partnership will feature the opening of a 3,000 sq. ft. sports lounge inside Rocket Mortgage FieldHouse, which will serve as a game-day destination for fans with incentives and special bonus offers provided by Fubo Sportsbook. Additionally, fans will be able to watch NBA games and other sporting events from the comfort of the lounge.
“This is an exciting evolution of our continued partnership with Fubo Gaming,” said Len Komoroski, CEO, Cavaliers and Rocket Mortgage FieldHouse. “The Fubo Sportsbook mobile wagering platform provides leading technology, connectivity and entertainment that aligns perfectly with our commitment to innovation and engagement across every aspect of the fan experience. We look forward to the continued collaboration with Fubo as we work to establish a best-in-class sports betting marketplace to offer our fans in Cleveland and throughout the state of Ohio.”
“The opportunity to enter the Ohio sports betting market with the Cavaliers as our partner is a major step forward for Fubo,” said Scott Butera, president, Fubo Gaming. “Ohio has a passionate fan base who will enjoy Fubo’s uniquely integrated streaming and wagering sports betting experience. The Cavs are at the forefront of sports innovation and consistently create highly engaging fan experiences. This partnership provides Fubo instant access to a highly attractive customer base.”
Leading up to Fubo Sportsbook’s official launch in Ohio, the Cavaliers and Fubo Gaming will continue to promote their partnership through an integrated marketing campaign highlighted by co-branded high-impact broadcast-visible signage, a presence on team television and radio game programming, as well as other marketing assets.
Fubo Gaming expects to announce the launch of Fubo Sportsbook in additional markets in the coming months, subject to requisite regulatory approvals and, in certain jurisdictions, enactment of legislation. This marks Fubo Gaming’s seventh market access agreement, in addition to Arizona, Indiana, Iowa, New Jersey, Pennsylvania and Texas.
About Fubo Gaming
Launched in 2021, Fubo Gaming Inc. is a Chicago-based subsidiary of live TV streaming platform fuboTV Inc. (NYSE: FUBO), and developer and distributor of Fubo Sportsbook. Fubo Sportsbook is purpose-built to integrate with fuboTV, creating a personalized omniscreen experience that turns passive viewers into active and engaged participants. Fubo Sportsbook officially launched in November 2021 and is currently live in Iowa and Arizona. Fubo Gaming has also entered into market access agreements in Indiana and New Jersey via Caesars Entertainment, Inc., Ohio via the NBA Cleveland Cavaliers, Pennsylvania via The Cordish Companies, and Texas via The Houston Dynamo Football Club. The launch timeline of Fubo Sportsbook in each state is subject to obtaining requisite regulatory approvals and, in certain jurisdictions, enactment of legislation. For more information, visit fubosportsbook.com.
About Cleveland Cavaliers
The Cleveland Cavaliers won the NBA Championship in 2016 while also taking the Eastern Conference crown in 2007, 2015, 2016, 2017 and 2018. The team plays at, and also operates, the newly transformed, publicly-owned Rocket Mortgage FieldHouse in downtown Cleveland, Ohio. The Cavaliers and Rocket Mortgage FieldHouse are part of Rock Entertainment Group. The Group also includes the Cleveland Monsters of the AHL, the Cleveland Charge of the NBA G League, Cavs Legion of the NBA 2K League, Legion Lair Lit by TCP home of Cavs Legion in Cleveland, and Cleveland Clinic Courts - the Cavaliers’ training and development center in Independence, Ohio. The Cavaliers are regularly recognized for their extensive community support and engagement programs and contributions, workplace diversity and inclusion leadership, and an on-going economic impact that now registers in the billions of dollars locally. Dan Gilbert is Chairman of the Cleveland Cavaliers. Gilbert and his family of companies have now invested over $2.0 billion in Cleveland. Gilbert is also Founder and Chairman of Rocket Mortgage, the nation’s largest mortgage lender, and Founder and Chairman of Rock Ventures LLC, the umbrella entity for his portfolio of business and real estate investments. Len Komoroski is the Rock Entertainment Group CEO and Nic Barlage is the Rock Entertainment Group President and Chief Operating Officer. The Cavaliers team is led by General Manager Koby Altman and Head Coach J.B. Bickerstaff. The Cavaliers and Rocket Mortgage FieldHouse provide fans the best experience in the NBA with its extensive and stunning array of amenities and technology and signature, electrifying game presentation.
This press release contains forward-looking statements of fuboTV Inc. (“fuboTV”) that involve substantial risks and uncertainties. All statements contained in this press release that do not relate to matters of historical fact are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including statements regarding our market opportunity, business strategy and plans, partnerships, the expected continued rollout of Fubo Sportsbook and the continued shift in consumer behavior towards sports wagering and streaming services and the expected launch of Fubo Sportsbook in additional markets. The words “could,” “will,” “plan,” “intend,” “anticipate,” “approximate,” “expect,” “potential,” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that fuboTV makes due to a number of important factors, including but not limited to risks related to our pursuit and engagement in acquisitions; our actual operating results may differ significantly from our guidance; risks related to the Company’s access to capital and fundraising prospects to fund its ongoing operations and support its planned growth; the restrictions imposed by content providers on our distribution and marketing of our products and services; our reliance on third party platforms to operate certain aspects of our business; risks related to our technology, as well as cybersecurity and data privacy-related risks; our ability to achieve or maintain profitability; our revenue and gross profit are subject to seasonality; our operating results may fluctuate; our ability to attract and retain subscribers; we may not be able to license streaming content or other rights on acceptable terms; risks related to our ability to capitalize develop and market a sports wagering offering and the regulatory regime and related risks associated with such offering; risks related to the difficulty in measuring key metrics related to our business; risks related to the highly competitive nature of our industry; risks related to ongoing or future legal proceedings; and other risks, including the effects of industry, market, economic, political or regulatory conditions, future exchange and interest rates, and changes in tax and other laws, regulations, rates and policies, including the impact of COVID-19 on the broader market. Further risks that could cause actual results to differ materially from those matters expressed in or implied by such forward-looking statements are discussed in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021 filed with the Securities and Exchange Commission (“SEC”) on August 11, 2021 and our other periodic filings with the SEC. We encourage you to read such risks in detail. The forward-looking statements in this press release represent fuboTV’s views as of the date of this press release. fuboTV anticipates that subsequent events and developments will cause its views to change. However, while it may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. You should, therefore, not rely on these forward-looking statements as representing fuboTV’s views as of any date subsequent to the date of this press release.
What is the new partnership between Fubo Gaming and the Cleveland Cavaliers?
Fubo Gaming announced a market access agreement with the Cleveland Cavaliers to launch Fubo Sportsbook in Ohio, pending regulatory approvals.
When will Fubo Sportsbook launch in Ohio?
Fubo Sportsbook's launch in Ohio is pending requisite regulatory approvals but is expected to follow the recent legalization of sports betting in the state.
What does Fubo Sportsbook offer to fans of the Cleveland Cavaliers?
Fubo Sportsbook provides a unique integrated experience of live TV streaming and sports betting, designed to enhance fan engagement during games.
How many market access agreements has Fubo Gaming established?
Fubo Gaming has established seven market access agreements across various states, including Ohio through its partnership with the Cavaliers.
What features will the new sports lounge at Rocket Mortgage FieldHouse include?
The new sports lounge will serve as a game-day destination for fans and will offer incentives and special bonus offers from Fubo Sportsbook.
