fuboTV Accelerates Development of Sportsbook

fuboTV Inc. (NYSE: FUBO), the leading sports-first live TV streaming platform, announced today it has executed a binding letter of intent to acquire sports betting and interactive gaming company Vigtory, and expects to launch a sportsbook before the end of the year.

Terms of the deal were not disclosed. The acquisition is subject to the execution of a definitive acquisition agreement and the satisfaction of certain closing conditions. The acquisition is expected to close in the first quarter of 2021.

fuboTV intends to leverage Vigtory’s sportsbook platform and digital gaming assets, and its consumer-driven betting technology, to develop a frictionless betting experience for fubo’s customers. Additionally, Vigtory has been in discussions for market access agreements in the eastern part of the United States and currently has a deal secured in Iowa through Casino Queen.

Vigtory was founded in 2019 by Sam Rattner and backed by SeventySix Capital. Rattner is a digital sports entrepreneur who is noted for developing and integrating sports betting content and technology with robust consumer experiences. Rattner previously founded Engine Sports, a back-testing engine allowing retail sports bettors the ability to build algorithmic betting strategies within an interactive experience. Scott Butera, who was the president of interactive gaming at MGM Resorts International and was instrumental in launching BetMGM, joined Vigtory as Rattner’s co-CEO in 2020. Prior to MGM, Butera was commissioner of the Arena Football League and held C-suite leadership positions at Foxwoods Resort Casino, Tropicana Entertainment, Cosmopolitan Resort and Casino and Trump Entertainment, among other gaming businesses.

Under the proposed acquisition, both Butera and Rattner will join fuboTV’s gaming division as president and COO, respectively.

Additionally, fuboTV announced today more details of its online wagering strategy, further positioning itself to enter what Zion Market Research estimates will become a $155 billion industry by 2024. Through its December 2020 acquisition of Balto Sports and its content automation software, fuboTV intends to launch a free to play gaming experience this summer. Free to play gaming, which will be available to all consumers whether or not they are fuboTV subscribers, will first launch in a standalone app and later be integrated directly into the fuboTV user experience. By leveraging the Vigtory and Balto acquisitions, fuboTV intends to launch a sportsbook app where consumers can see current betting lines, place a variety of wagers, cash in their winnings and much more across sports they love. Finally, the company expects to integrate the sportsbook into fuboTV’s live TV streaming platform for a seamless viewing and wagering experience.