FuboTV's Sports Betting Plans 'Interesting,' but Wedbush 'Not Banking on It'
FuboTV is an “interesting opportunity, but we’re not banking on it yet,” Wedbush analyst Michael Pachter wrote investors Tuesday after the streaming media service announced a second planned acquisition in sports wagering. FuboTV is buying sportsbook technology company Vigtory. The…
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sports-focused TV service plans to complete the deal this quarter and make inroads in the sports betting business by year-end. Before integrating wagering, fuboTV plans to launch a stand-alone, free-to-play app from Balto Sports, which it bought in December, that will eventually be integrated into its platform. “We expect the introduction of sports wagering to drive engagement in sporting events, new subscriber growth, and the company’s monetization capabilities,” Pachter said, noting sports betting adds another layer of customer monetization beyond premium subscription plans and valuable advertising inventory. “For new and existing subscribers looking to wager, fuboTV’s platform will be a compelling choice as the company currently maintains over 6.3 million billing relationships with former, existing, and trial subscribers.” It has an active subscriber base of 455,000 as of Q3, he noted. “Leveraging these billing relationships means eliminating the dreaded pain for many customers of ‘pulling out the wallet,'" he said,