This story is brought to you by The Daily Upside. For more crisp and insightful content, you can sign up for the free Daily Upside newsletter here.
If you’ve ever bet on a sporting event, you’re likely aware that having money on the line can spice-up the viewing experience.
FuboTV knows it too. Yesterday, the streaming service focused on live sports announced a deal to acquire nascent sports betting platform Vigtory.
The Strategy is Clear: Rake in both consumers’ monthly streaming fees and ill-conceived bets.
FuboTV was launched six years ago with a focus on a narrow but extremely passionate audience: American soccer fans looking to watch European games (if you knew one, you'd know). Since then, Fubo has become a full-blown streaming platform while still maintaining its emphasis on sports content.
Fubo completed an IPO last October at $10 per share, and since then shares have been on a roller-coaster ride à la the life of a Bills fan.
Gambling Strategy: According to management, the acquisition of Vigtory will help diversify the company’s revenue stream and boost engagement with viewers:
- The deal comes just a month after FuboTV bought Balto Sports, which created the animation software that powers the Vigtory app.
A Popular Playbook
Fubo won’t have the playing field all to themselves.
DraftKings has partnered with both ESPN and AT&T’s Turner Networks to integrate their gambling platform into the respective media platforms’ offerings. And Bally's Corp. has a similar arrangement with Sinclair Broadcast Group.
The Takeaway: Guard your wallet, folks.