fuboTV enters sports wagering market with Balto Sports acquisition
American television streaming service fuboTV has entered the sports wagering market with the acquisition of Balto Sports, a Y Combinator company that develops tools for fantasy sports users to organize games.
The company says it “intends to leverage its own proprietary technology along with Balto’s contest automation software to launch a free to play gaming offering.”
David Gandler, co-founder and CEO, fuboTV, said, “The acquisition of Balto Sports will enable us to build a first class, free to play experience that brings consumers the best games around live sports. From there, we see a natural progression to layer on real money wagering in regulated markets complementing fuboTV’s live streaming video for a highly engaging user experience within our platform.”
fuboTV bills itself as the leader in live sports streaming. It offers more than 100 channels including 43 of the top 50 Nielson-ranked networks.
The company reported 455,000 paid subscribers at the end of the third quarter, an increase of 58% year-on-year. Quarterly revenue totaled $61m, up 47%.
“As we said in our third quarter earnings announcement last month, fuboTV sees the online wagering space as complementary to our sports-first live TV streaming platform,” Gandler said. “We believe there are significant synergies between consumers who enjoy wagering and our subscribers who enjoy streaming live sports, creating a flywheel opportunity.”
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