FuboTV puts sports betting business "under strategic review"

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After the August 2 layoffs, the company is evaluating its sportsbook after being active for under a year.

The sports betting business run by FuboTV is "under strategic review" after being launched nearly a year ago. Released in a shareholder letter on August 4, the company revealed it will determine the best path going forward.

The statement reads: "We have concluded that we will no longer pursue this opportunity on our own. Accordingly, our interactive wagering business is under strategic review.

"We are in internal and external discussions to determine the best path forward for Fubo's gaming business and look forward to sharing more information."

The streaming-TV platform first launched the Fubo Sportsbook in November through its gaming division after acquiring the operator Vigtory in March of 2021.

The wagering platform marketed itself as the first owned-and-operated live TV streaming-integrated mobile sportsbook in the US. First launched in Iowa, the Fubo Sportsbook later went live in Arizona and secured deals in eight other states. 

FuboTV stated in the shareholder letter that it's still on track to launch in New Jersey by the start of the 2022 NFL season.

The news came shortly after the company announced on August 2 that it would be having a "small workforce reduction." The layoffs will go into effect on August 15, citing the economic downturn as the reason for the reduction.

FuboTV CEO David Gandler told staffers in a memo that the company would be "focusing more on fewer priorities" with the intent to "increase our productivity on what truly moves the needle for the company."

The company finished the second quarter of 2022 with a $378.8m cash position and achieved double-digit growth in total revenue and ad revenue.

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