Furthering its stated ambition to expand its business into online sports wagering, sports-first live TV streaming platform fuboTV has executed a binding letter of intent to acquire sports betting and interactive gaming company Vigtory.
igtory was founded in 2019 by Sam Rattner and backed by SeventySix Capital. Rattner is a digital sports entrepreneur who has developed and integrated sports betting content and technology with robust consumer experiences. Rattner previously founded Engine Sports, a back-testing engine allowing retail sports bettors the ability to build algorithmic betting strategies within an interactive experience. Scott Butera, who was the president of interactive gaming at MGM Resorts International and was instrumental in launching BetMGM, joined Vigtory as Rattner’s co-CEO in 2020.
Under the proposed acquisition, both Butera and Rattner will join fuboTV’s gaming division as president and COO, respectively. Exact financial terms of the deal have not been disclosed and the transaction is subject to the execution of a definitive acquisition agreement and the satisfaction of certain closing conditions. The acquisition is expected to close in the first quarter of 2021 and fuboTV expects to launch a sportsbook before the end of the year using Vigtory’s platform and digital gaming assets, and its consumer-driven betting technology.
The new deal is part of a drive into gambling by fuboTV which began in December 2020 with its acquisition of Balto Sports and its content automation software and which the company now says will see a free to play gaming experience launched in summer 2021.
The new service will be available to all consumers whether or not they are fuboTV subscribers, will first launch in a standalone app and later be integrated directly into the fuboTV user experience. By using the assets from the Vigtory and Balto acquisitions, fuboTV intends to launch an app where consumers can see current betting lines, place a variety of wagers and cash in their winnings among other features. The company expects to integrate the sportsbook into the core fuboTV live TV streaming platform for a seamless viewing and wagering experience.
“We believe online sports wagering is a highly complementary business to our sports-first live TV streaming platform,” said fuboTV co-founder and CEO David Gandler. “We don’t see wagering as simply an add-on product to fuboTV. Instead, we believe there is a real flywheel opportunity with streaming video content and interactivity. Our free to play gaming experience, which will be available to all consumers, will build further scale to fuboTV, essentially acting as another lead generator for driving subscribers to our streaming video platform and, ultimately, our sportsbook. We not only expect sports wagering to become a new line of business and source of revenue, but we also expect that it will increase user engagement on fuboTV resulting in higher ad monetisation, better subscriber retention and reduced subscriber acquisition costs.”
“The addition of Vigtory to fuboTV is a pivotal event in the sports entertainment industry,” added Scott Butera. “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.”
Under the proposed acquisition, both Butera and Rattner will join fuboTV’s gaming division as president and COO, respectively. Exact financial terms of the deal have not been disclosed and the transaction is subject to the execution of a definitive acquisition agreement and the satisfaction of certain closing conditions. The acquisition is expected to close in the first quarter of 2021 and fuboTV expects to launch a sportsbook before the end of the year using Vigtory’s platform and digital gaming assets, and its consumer-driven betting technology.
The new deal is part of a drive into gambling by fuboTV which began in December 2020 with its acquisition of Balto Sports and its content automation software and which the company now says will see a free to play gaming experience launched in summer 2021.
The new service will be available to all consumers whether or not they are fuboTV subscribers, will first launch in a standalone app and later be integrated directly into the fuboTV user experience. By using the assets from the Vigtory and Balto acquisitions, fuboTV intends to launch an app where consumers can see current betting lines, place a variety of wagers and cash in their winnings among other features. The company expects to integrate the sportsbook into the core fuboTV live TV streaming platform for a seamless viewing and wagering experience.
“We believe online sports wagering is a highly complementary business to our sports-first live TV streaming platform,” said fuboTV co-founder and CEO David Gandler. “We don’t see wagering as simply an add-on product to fuboTV. Instead, we believe there is a real flywheel opportunity with streaming video content and interactivity. Our free to play gaming experience, which will be available to all consumers, will build further scale to fuboTV, essentially acting as another lead generator for driving subscribers to our streaming video platform and, ultimately, our sportsbook. We not only expect sports wagering to become a new line of business and source of revenue, but we also expect that it will increase user engagement on fuboTV resulting in higher ad monetisation, better subscriber retention and reduced subscriber acquisition costs.”
“The addition of Vigtory to fuboTV is a pivotal event in the sports entertainment industry,” added Scott Butera. “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.”
