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FuboTV Inc. (NYSE: FUBO) has launched Fubo Sportsbook in New Jersey, marking an important step in integrating live TV streaming with sports wagering. The sportsbook allows users aged 21 and older to bet on thousands of live events via the Fubo Sportsbook app. Fubo's innovative platform combines watching and wagering, aiming to enhance user engagement during the upcoming football season. The launch is supported by a partnership with Caesars Entertainment and aims to capitalize on New Jersey's established sports betting market.
Positive
Launch of Fubo Sportsbook in New Jersey enhances market presence.
Innovative integration of live streaming and sports betting attracts users.
Partnership with Caesars Entertainment provides strong market access.
Fubo Sportsbook promotes user engagement with features like Watch & Wager.
Negative
FuboTV has concluded it will not pursue online wagering independently, indicating potential strategy shifts.
Ongoing macroeconomic challenges may impact future growth plans.
First Mobile Sportsbook to Integrate with Live TV Streaming Platform Enters One of the Top U.S. Sports Betting Markets
CHICAGO--(BUSINESS WIRE)--
Fubo Gaming, a subsidiary of leading sports-first live TV streaming platform FuboTV Inc. (NYSE: FUBO), today announced the launch of Fubo Sportsbook in New Jersey after successfully completing the soft play phase of the state’s Division of Gaming Enforcement regulatory process.
Fubo Sportsbook now live in New Jersey (Photo: Business Wire)
Starting today, sports enthusiasts 21 years of age and older across the Garden State can place a variety of wagers on thousands of live and future professional and out-of-state collegiate sporting events using the Fubo Sportsbook app on iOS and Android or on the website. The launch of Fubo’s revolutionary sportsbook, the first to integrate watching and wagering in one ecosystem, kicks off just in time for the 2022-23 football season, one of the busiest sports betting periods.
Fubo Gaming intends to continue iterating the app, launching additional features that will further integrate wagering into the FuboTV platform.
The launch reinforces FuboTV’s commitment to interactive wagering following its recent decision to place its online wagering business under strategic review. The company continues to believe that an integrated wagering platform, offering both live video and a sportsbook, will result in the best viewing and gaming experience for consumers. However, given today’s macroeconomic environment, FuboTV has concluded that it will no longer pursue this opportunity on its own and is exploring the best path forward.
The launch in New Jersey, via an agreement with Caesars Entertainment, Inc., further expands FuboTV’s mission to deliver personalized omniscreen experiences that turn passive viewers into active participants. The wagering platform is purpose-built to meet U.S. sports fans’ growing demand for interactivity through the integration of a sports wagering platform with a live TV streaming experience. Users in the Garden State will soon be able to experience Fubo Sportsbook’s proprietary feature, Watch & Wager (formerly known as “Watching Now”), which leverages FuboTV's first-party user data to recommend relevant bets based upon what viewers are streaming — even as they change the channel.
New users in New Jersey who register with Fubo Sportsbook can use the code “FUBONJ” to take advantage of a Bet $20, Get $150 promo offer and one month free of FuboTV. For more information, click here.
Fubo Sportsbook’s launch in New Jersey builds upon Fubo Gaming’s presence in the Garden State through its previously announced multi-year partnership with theNew York Jets — representing the NY/NJ metropolitan area, with their home stadium located in New Jersey. In 2021, Fubo opened a 7,000-square-foot lounge at MetLife Stadium, featuring a full-service bar, live-action screens and incredible views of the Jets on-field action from the lounge’s outdoor patio. The launch of Fubo Sportsbook in New Jersey enhances Fubo’s ties with the Jets with the activation of its mobile sports betting lounge during the 2022 football season. With the assistance of a service team ready to help, guests 21 and over will be able to enjoy an unparalleled in-stadium experience through the look and feel of a casino-style sportsbook with betting odds integration, as well as incentives and special bonus offers provided by Fubo Sportsbook.
“Launching Fubo Sportsbook in New Jersey is an important early step in the development of our integrated platform, which includes a recently improved user experience and enhanced product capabilities," said Scott Butera, president, Fubo Gaming. “As one of the largest and most established sports betting markets in the U.S., New Jersey will allow Fubo to analyze and efficiently develop the most engaging product features that are focused on driving streaming customers into wagering. New Jersey is known for having deeply passionate sports fans, who, we believe, will enjoy our one-of-a-kind immersive sports wagering and viewing experience in time for football season.”
“An integrated wagering platform, offering both live video and a sportsbook, is, we believe, the best gaming experience for consumers,” said David Gandler, co-founder and CEO, FuboTV. “Today’s launch marks an important milestone for Fubo Sportsbook. Our book is now available in three states, including one of the top wagering markets in the country, just 10 months after launching our first. We remain committed to interactive wagering and continue to explore potential partnership opportunities for Fubo Sportsbook.”
“We are thrilled to fully activate our partnership with Fubo, providing Jets fans access to the Fubo sports betting experience on the app and in the Fubo Sportsbook Lounge as we kick off the 2022 Jets season,” said Jeff Fernandez, vice president, business development & ventures, New York Jets. “With the official launch of Fubo Sportsbook in New Jersey, the Fubo Lounge and Fubo’s wagering app will provide an opportunity for our fans to responsibly gamble on sporting events from one of the best experiential settings in the NFL.”
For more information about Fubo Sportsbook, follow @fubosportsbook on Twitter, Instagram and TikTok.
Fubo Sportsbook is available only in NJ, AZ and IA. Must be 21 or older to gamble. Terms, conditions and restrictions apply. Gambling Problem? Call 1-800-Gambler (NJ). Text NEXTSTEP to 53342 or Call 1-800-Next-Step (AZ). Call 1-800-BETSOFF or visit 1800BETSOFF.org (IA). Wagering not permitted on New Jersey College Teams and College Events Taking Place in New Jersey (NJ). Collegiate in-play wagers and prop bets on individuals prohibited (AZ). Wagering not permitted on athletes on the roster of any Iowa College Teams or their opponents (IA).
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 Arizona, Iowa and New Jersey. Fubo Gaming has also entered into market access agreements in Indiana, Louisiana, Mississippi and Missouri 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 various factors, including obtaining requisite regulatory approvals and, in certain jurisdictions, enactment of legislation. For more information, visit fubosportsbook.com or follow @fubosportsbook on Twitter, Instagram and TikTok.
ABOUT FUBOTV
With a mission to build the world’s leading global live TV streaming platform with the greatest breadth of premium content and interactivity, FuboTV Inc. (NYSE: FUBO) aims to transcend the industry’s current TV model. FuboTV Inc. operates in the U.S., Canada, France 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 sports and entertainment television. The company's sports-first cable TV replacement product, FuboTV, offers U.S. subscribers more than 125 live sports, news and entertainment networks in its base package and is the only live TV streaming platform with every Nielsen-rated sports channel (source: Nielsen Total Viewers, 2021). Subscribers can interact with FuboTV’s live streaming experience through Fubo Sportsbook (in markets where available), free games and pick’ems, which are integrated into select sports content.
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 partnerships, market opportunity, business strategy and plans, the expected continued rollout of Fubo Sportsbook and the continued shift in consumer behavior towards sports wagering and streaming services. The words “could,” “will,” “plan,” “intend,” “anticipate,” “approximate,” “expect,” “potential,” “believe” 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 FuboTV’s access to capital and fundraising prospects to fund its ongoing operations and support its planned growth; risks relating to diverting management’s attention from FuboTV’s ongoing business operations to address integration and fundraising efforts; 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 strategic review of our wagering business, including our ability to identify a strategic partner; 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, 2022 filed with the Securities and Exchange Commission (“SEC”) on August 8, 2022 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.
Fubo Sportsbook was launched in New Jersey on September 7, 2022.
What is the significance of Fubo Sportsbook's launch in New Jersey?
The launch is significant as New Jersey is one of the largest sports betting markets in the U.S., allowing Fubo to expand its presence and analyze user engagement effectively.
How does Fubo Sportsbook integrate with FuboTV?
Fubo Sportsbook integrates with FuboTV by combining live streaming and betting, allowing users to place wagers based on what they are watching.
What promotional offer is available for new users of Fubo Sportsbook in New Jersey?
New users can use the code 'FUBONJ' to receive a Bet $20, Get $150 promotional offer and one month free of FuboTV.
What features does the Fubo Sportsbook app offer?
The Fubo Sportsbook app offers various wagering options, including the proprietary Watch & Wager feature, which recommends bets based on users' streaming choices.
