In its efforts to pursue the building of a sportsbook company, fuboTV, the sports pay TV provider, has acquired sports betting/interactive gaming company Vigtory.
Terms of the deal were not disclosed.
FuboTV intends to launch the sportsbook by the end of this year.
Company executives say a key to its growth is augmenting its heavy sports TV programming content with a sports-betting operation to pursue higher engagement.
A growing number of states in the U.S. have legalized sports wagering.
David Gandler, cofounder-CEO of fuboTV, stated all this is expected to give fuboTV “higher ad monetization, better subscriber retention and reduced subscriber acquisition costs.”
At the end of 2020, fuboTV, said it had 545,000 paid subscribers, up 72% from 2019.
Vigtory, which was launched in 2019 by sports entrepreneur Sam Rattner and backed by SeventySix Capital, has been in discussions for market access agreements in the eastern part of the United States.
Rattner and Scott Butera, the co-CEO with Rattner at Vigtory, will join fuboTV’s gaming division as COO and president, respectively.
In December 2020, fuboTV bought Balto Sports, a content automation software company, which will be the foundation to launch a free-to-play gaming platform this summer. Free-to-play gaming will be available to consumers whether or not they are fuboTV subscribers.