FuboTV Inc. buys online sports books. This is a deal to turn an internet-based TV provider into a state-of-the-art sports-rich media company that invests in sports gambling to attract and retain viewers.
The company said it is in the process of acquiring sportsbook Vigtory Inc. and plans to eventually integrate it into its TV platform. Vigtory is also available to non-FuboTV subscriber-based users. The terms of the contract have not been disclosed.
FuboTV, launched about six years ago as a way for Americans to stream foreign soccer games, has become a full-fledged alternative to traditional cable TV packages. Alphabet Inc. YouTube TV, Walt Disney Co. Compete with other internet bundles such as Hulu + Live TV from AT & T Inc. and AT & T TV Now from AT & T Inc. The company has a broader focus on foreign sports, especially football, than most competitors.
FuboTV’s share price rose 34% to $ 36.48 on Tuesday.
Many media companies are DraftKings Inc. We are affiliated with online sportsbooks operated by digital companies such as FanDuel Group and casino operators in physical stores. As sports betting spreads throughout the United States, sports books are becoming more popular. This is a practice that has been legalized in 25 states and the District of Columbia. MGM Resorts International estimates that the US sports lottery market will reach approximately $ 13.5 billion by 2025, based on the 38 states that have legalized sports betting.
FuboTV’s bet on sports gambling as the key to attracting more customers
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