Streaming FuboTV has announced its intention to expand into the sports betting sector. With about 450,000 subscribers, the company obtained approximately $ 190 million in a recent initial public offering on the New York Stock Exchange.
As of now, the service plans to add bets with what it has called a “leading live sports streaming package”. “Our successful public offering in October demonstrated confidence in FuboTV’s strategy, and investor excitement continued to grow,” said Edgar Bronfman, FuboTV’s executive chairman.
Bronfman continued: “We believe that FuboTV is firmly at the crossroads of three megatrends: the decline of traditional TV viewers, the shift in dollars from TV ads to connected TVs and online sports betting, a market we intend to enter. As a result, we believe that our growth opportunities are numerous ”.
In addition, the service stated that its monthly revenue was $ 67 per user on average in the third quarter of that year, an increase of 14% compared to last year. While FuboTV’s revenues totaled $ 61.2 million, a 47% jump from 2019.
In contrast, the platform showed a net fall of US $ 274.1 million in the third quarter, which includes intangible losses of around US $ 236 million related to the business of Facebank, which acquired FuboTV and joined its services in early 2020 before of the IPO.
FuboTV is an American television broadcasting service that focuses primarily on channels that distribute live sports, including NFL, MLB, NBA, NHL, MLS and international football, as well as news, television series and films.
Launched in January 2015 as a football streaming service, FuboTV switched to a fully sporting service in 2017 and then to a model of virtual multichannel video programming distributor.