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FuboTV to shut down its New Jersey, Iowa and Arizona sportsbook operations

Neil Roarty profile picture
Sports Editor
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FuboTV has abruptly shuttered its sports betting operation after failing to grab significant market share in any of the states in which it operates.

Shareholders responded positively to the company’s decision, with shares rising double digits in early trading following the decision. Fubo’s “unique” approach looked to intertwine its streaming service with sports betting. If a user was watching FuboTV, then using the sports betting application would see the app offer markets on whatever the user was watching.

The initiative struggled to gain traction, with handle share of 0.07% in Arizona and 0.13% in Iowa and having just launched in New Jersey in September.

The launch of FuboTV in NJ in just September stated:

“The launch reinforces FuboTV’s commitment to interactive wagering following its recent decision to place its online wagering business under strategic review. The company continues to believe that an integrated wagering platform, offering both live video and a sportsbook, will result in the best viewing and gaming experience for consumers. However, given today’s macroeconomic environment, FuboTV has concluded that it will no longer pursue this opportunity on its own and is exploring the best path forward.”

David Gandler, co-founder and CEO of FuboTV added: ““Today’s launch marks an important milestone for Fubo Sportsbook. Our book is now available in three states, including one of the top wagering markets in the country, just 10 months after launching our first. We remain committed to interactive wagering and continue to explore potential partnership opportunities for Fubo Sportsbook.”

The aforementioned quotes makes the immediate withdrawal of the sportsbook surprising.

There has, however, been a Dissolution notice posted with the Delaware Secretary of State on 17th October, confirming that Fubo Gaming has commenced a wind down of its operations due to current economic conditions, and it will not have any remaining assets to distribute to its ‘few remaining creditors’.

FuboTV becomes the first sportsbook to disappear following high CPA costs and the ‘US goldrush’. Time will tell how other books get on with aggressive expansion and products that can’t match the acquisition spend of the biggest hitters in the industry.

Neil is a gambling industry veteran with over 15 years experience as a content writer, editor and speaker at events. He has a Masters degree in English Literature and Philosophy and has combined this analytical inquisitiveness with a passion for sports betting and casino gaming. Neil started his career with Bettingpro.com and helped build not only that site but various others such as LiveTennis.com, LiveDarts.com and numerous other sports informational sites, including GG.co.uk and RacingTips.com He then made the transition to the North American market, working both in the UK and in New Jersey to launch various sports betting and casino sites, including AmericanBettingExperts and NewAmericanCasinos. Working with regulators, Neil has helped to review sports betting sites and also test the regulated betting apps in a professional capacity. He now works almost exclusively in the US market and is one of the main reviewers and fact checkers on SportsLens gambling content. He also speaks at various gambling conferences including ICE, iGB Live and SBC Americas and has contributed to GamblingInsider, EGR Magazine and a number of others in a consulting capacity.

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