Fubo Gaming, The Cordish Companies Announce Completion of Market Access Agreement in Pennsylvania for Forthcoming Mobile Fubo Sportsbook
Fubo Gaming, a subsidiary of fuboTV (NYSE: FUBO), has finalized a market access agreement with The Cordish Companies for its upcoming mobile Fubo Sportsbook in Pennsylvania. This agreement allows for statewide mobile access to sports betting and iGaming, pending regulatory approvals. Fubo Sportsbook aims to integrate gaming with fuboTV's live sports offerings, enhancing user experience. This marks at least the fourth state for Fubo Sportsbook, following agreements in New Jersey, Indiana, and Iowa. The launch is expected in Q4 2021, subject to regulatory compliance.
- Completion of a market access agreement in Pennsylvania, expanding Fubo Sportsbook's reach.
- Integration of Fubo Sportsbook with fuboTV's live sports content, enhancing user engagement.
- Expected rollout of Fubo Sportsbook in multiple states, increasing market presence.
- Launch contingent on obtaining regulatory approvals, which may delay entry into the market.
- Potential risks associated with the competitive landscape in the sports betting industry.
Fubo Gaming, a subsidiary of leading sports-first live TV streaming platform fuboTV Inc. (NYSE: FUBO), and The Cordish Companies announced today the completion of a market access agreement for the forthcoming mobile Fubo Sportsbook in Pennsylvania. Fubo Gaming’s agreement with The Cordish Companies, owner and operator of Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh, provides for state-wide mobile access for both sports betting and iGaming. The launch of Fubo Sportsbook in Pennsylvania is subject to obtaining requisite regulatory approvals.
Through Fubo Sportsbook, fuboTV intends to integrate gaming with its expansive live sports offering for a seamless user experience enabling consumers to wager while they watch. fuboTV currently has a leading sports offering in Pennsylvania through its carriage agreements with regional sports networks NBC Sports Philadelphia (Philadelphia 76ers, Philadelphia Flyers, Philadelphia Phillies) and AT&T SportsNet Pittsburgh (Pittsburgh Penguins, Pittsburgh Pirates), in addition to local and national network coverage.
Today’s agreement in Pennsylvania will bring Fubo Sportsbook to a minimum of four states following previously announced market access agreements in New Jersey and Indiana (through Caesars Entertainment, Inc.) and Iowa (through Casino Queen). Fubo Sportsbook is expected to begin rolling out state-by-state in the fourth quarter 2021, subject to obtaining requisite regulatory approvals in each jurisdiction.
“Entering Pennsylvania, one of the largest sports betting and iGaming makers in the U.S., is a significant accomplishment for our forthcoming Fubo Sportsbook which, in this market, can also include mobile casino games,” said Scott Butera, president, Fubo Gaming. “We are also excited to be partnering with Cordish who has been a leader in gaming and sports entertainment for decades.”
“Our agreement with The Cordish Companies will bring Fubo Sportsbook to consumers in Pennsylvania, expanding our sportsbook’s reach to at least four states,” said David Gandler, co-founder and CEO, fuboTV. “With our sportsbook, we’re looking forward to delivering a comprehensive sports entertainment experience that combines live streaming and wagering. We expect to launch Fubo Sportsbook in the fourth quarter of this year pending regulatory approvals.”
“Partnering with Fubo Gaming to bring our guests this exciting, integrated mobile sports betting option is the natural evolution of our Live! Casino brands in Pennsylvania,” said Rob Norton, president, Cordish Gaming Group. “Philadelphia and Pittsburgh are both iconic sports cities that are deserving of best-in-class sports betting platforms, so we look forward to working with Fubo Gaming on this new endeavor.”
About The Cordish Companies
The Cordish Companies’ origins date back to 1910 and encompass four generations of privately-held, family ownership. During the past ten decades, The Cordish Companies has grown into a global leader in Commercial Real Estate; Entertainment Districts; Sports-Anchored Developments; Gaming; Hotels; Residential Properties; Restaurants; International Development; Coworking Spaces; and Private Equity. One of the largest and most respected developers in the world, The Cordish Companies has been awarded an unprecedented seven Urban Land Institute Awards for Excellence for public-private developments that are of unique significance to the cities in which they are located. The Cordish Companies has developed and operates highly acclaimed dining, entertainment and hospitality destinations throughout the United States, many falling under The Cordish Companies’ Live! Brand, highly regarded as one of the premier entertainment brands in the country. In gaming, The Cordish Companies has developed among the most successful casino hotel resorts in the world including the Hard Rock Hotel & Casino Hollywood, Hard Rock Hotel & Casino Tampa and Live! Casino & Hotel Maryland. Welcoming over 55 million visitors per year, these developments are among the highest profile dining, entertainment, gaming, hotel and sports-anchored destinations in the country. Over the generations, The Cordish Companies has remained true to the family’s core values of quality, entrepreneurial spirit, long-term personal relationships, and integrity. As a testimony to the long-term vision of its family leadership, The Cordish Companies still owns and manages virtually every business it has created. For more information visit www.cordish.com or follow us on Twitter.
“The Cordish Companies,” “The Cordish Company” and “Cordish” are trademarks used under license by independent corporations, legal liability companies and partnerships (“Cordish Entities”). Each Cordish Entity is a separate, single-purpose legal entity that is solely responsible for its obligations and liabilities. No common operations or financial interdependency, and no intermingling of assets or liabilities of the Cordish Entities exists, or should be deemed to exist, as a result of the potential common reference to multiple independent entities operating under the names “Cordish,” “The Cordish Companies” or “The Cordish Company” here or elsewhere.
About Fubo Gaming
Fubo Gaming Inc. is a subsidiary of fuboTV Inc. (NYSE: FUBO) that launched in 2021. Complementing fuboTV’s leading sports streaming platform, Fubo Gaming aims to provide a comprehensive sports entertainment experience through sports betting and interactive gaming. The online wagering experience, Fubo Sportsbook, is expected to launch in Q4 2021, subject to obtaining requisite regulatory approvals. Fubo Gaming is based in Chicago.
About fuboTV
With a mission to provide the world’s most thrilling sports-first live TV experience through the greatest breadth of premium content, interactivity and integrated wagering, fuboTV Inc. (NYSE: FUBO) is focused on bringing to life its vision of a streaming platform that transcends the industry’s current virtual MVPD model. fuboTV Inc. operates in the U.S., Canada and Spain.
Leveraging its proprietary data and technology platform optimized for live TV and sports viewership, fuboTV Inc. aims to turn passive viewers into active participants and define a new category of interactive television. Through its cable TV replacement product, fuboTV, subscribers can stream a broad mix of 100+ live TV channels, including 74 of the top 100 Nielsen-ranked networks across sports, news and entertainment — more than any other live TV streaming platform (source: Nielsen Total Viewers, 2020). fuboTV intends to add interactivity to its streaming experience with the launch of predictive free-to-play gaming in Q3 2021.
Fubo Gaming Inc., a subsidiary of fuboTV Inc., expects to launch Fubo Sportsbook, a comprehensive sports entertainment experience through sports betting and interactive gaming, in Q4 2021, subject to obtaining requisite regulatory approvals.
Forward-Looking Statements
This letter contains forward-looking statements of fuboTV Inc. (“fuboTV”) that involve substantial risks and uncertainties. All statements contained in this press release are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. 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 (i) risks related to the ability to realize the anticipated benefits of the Balto and Vigtory acquisitions, (ii) risks related to the company’s access to capital and fundraising prospects to fund its ongoing operations, (iii) risks related to diverting management’s attention from fuboTV’s ongoing business operations to address integration and fundraising efforts, (iv) risks related to our ability to capitalize successfully on market trends and develop and market a sports wagering offering, and (v) other business effects, 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 the company’s periodic filings with the Securities and Exchange Commission and 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 letter.
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