Caesars & Fubo TV do deal for New Jersey Market Access

FuboTV, a leading nationwide sports-first live streaming company and primarily known for streaming international soccer games into a captive U.S. marketplace has announced plans to enter into the New Jersey betting scene.

The FuboTV deal with Caesars will grant the live-streaming company access to the Garden State and also Indiana. The deal will look as a market access agreement with Caesars will enable FuboTV to offer its Fubo sportsbook to players in Indiana and New Jersey (alongside other Caesars offerings – WynnBet, 888Sport and Caesars Sportsbook itself), subject to regulatory approval in each of the two jurisdictions.

Subject to regulatory approval in Garden State, a late 2021 launch of the Fubo sports betting app appears to be the likely opening date. The news comes as FuboTV reported a milestone in its development of $105.1 million in revenue for the final quarter of 2020.

FuboTV ended 2020 with more than 547 800 paid subscribers, including more than 92 000 net subscribers added in 2020’s final quarter. FuboTV also increased its projected revenue guidance upwards for 2021 from $460 million increasing to $470 million, while also forecasting it will have more than 750 000 subscribers by the end of the year. The live streaming company also recently announced further progress on the Fubo Sportsbook including agreements with the National Basketball Association and the Major League Baseball in becoming an Authorized Gaming Operator of each respective league.

The key to Fubo’s NJ market access

 A key to the FuboTV ability to offer sports betting in New Jersey and Indiana was the purchase last September of Vigtory, a company that was “founded by bettors who sought to tackle the most strategic challenge that sportsbooks face: how to build the greatest betting experience at the best possible price.”

Chief Executive Officer and co-founder of FuboTV, David Gandler, said that the live streaming company plans to use artificial intelligence products to assist it in the collection of approximately 22 billion data points per month.

In a recent videoconference with sports betting market experts and analysts, Gandler announced, “We do a good job surfacing content for our users — the right content at the right time. We think we can leverage that data for wagering as well. We think there are a lot of areas where our video team can support the wagering group in really driving a lot of engagement.”

Vigtory co-CEO Scott Butera doubled down on the message in joint written statement with the FuboTV team; “The addition of Vigtory to FuboTV is a pivotal event in the sports entertainment industry,” he said.

“As sports fans increasingly desire interactive sports events, sports betting and related businesses such as iGaming and free-to-play contests have become a critical component of fan engagement. Combining FuboTV’s broad and deep offering of live streamed sporting events with Vigtory’s world-class sports betting products creates the ultimate sports betting experience for consumers,” Butera wrote.

While FuboTV is not yet a well-known TV platform among older citizens such as baby boomers, the platform has a plethora of younger viewers in the valuable 18 to 35 years of age demographic bracket subscribers accessing hundreds of live sporting events annually — while entertainment and news programs make up the FuboTV content mix.

In the second half of 2020 alone, FuboTV added more than 261 000 subscribers to nearly double its total subscriber base. Significantly, more than 40 of the top 50 Nielsen-ranked networks across sports, news, and entertainment are also part of the FuboTV mix, so it is not all pitched at the younger generations.

We look forward to giving the Fubo Sportsbook a thorough, impartial and stringent review upon launch. Watch this space for details.

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