It was supposed to be the sportsbook's big coming-out party. In September 2021, FuboTV's fledgling sportsbook opened a splashy, 7,000-square-foot betting lounge at New Jersey's MetLife Stadium during the New York Jets' home opener. Insiders describe the lack of funding, rushed moves, and poor technology that caused its downfall.The media company in October dissolved its gaming division and shut down its year-old sportsbook.FuboTV bet on sports gambling to supercharge its streaming-TV business and lost.

Therefore, we have made the difficult decision to exit the online sports wagering business effective immediately.Account icon An icon in the shape of a person's head and shoulders. Following our previously announced strategic review, we have concluded that continuing with Fubo Gaming and Fubo Sportsbook in this challenging macroeconomic environment would impact our ability to reach our longer term profitability goals. We’re pleased with this expected performance, and our progress toward achieving our positive cash flow target in 2025. “We expect to deliver strong revenue and subscriber growth in Q3, exceeding our previously issued guidance in North America, against the backdrop of a highly competitive operating environment. As a result, FuboTV will close its Fubo Gaming subsidiary and cease operation of its owned-and-operated Fubo Sportsbook effective immediately.įuboTV’s strong preliminary third quarter 2022 results reflect meaningful advancements against our continued mission to profitably scale a leading global live TV streaming platform differentiated by the greatest breadth of premium content and interactivity,” said David Gandler, co-founder and CEO, FuboTV. While multiple parties expressed interest in the business, none of these opportunities would have allowed Fubo to lower its funding requirements and generate sufficient returns to shareholders. Given these goals, the company has now completed its previously announced strategic review of the Fubo Gaming business. Fubo Sportsbook Arizona announced October 17 that it has left the Arizona sports betting space.įuboTV’s expected preliminary results demonstrate a continued progression towards the company’s 2025 profitability targets.

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