fuboTV has announced its acquisition of Balto Sports, a move that will bring fuboTV into the sports betting market.
David Gandler, co-founder and CEO, fuboTV, commented, “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. We believe there are significant synergies between consumers who enjoy wagering and our subscribers who enjoy streaming live sports, creating a flywheel opportunity. As we’ve previously expressed, one of our goals with wagering is to expand our total available market (TAM) by developing another important revenue stream for fuboTV, as we are doing with our growing ad sales business.”
Plans to get into the sports betting market were shared last month when Gandler said during the company’s Q3 earnings call that “people come to fubo for the sports,” before sharing that the goal of expanding into this area was to bring in revenue, commenting that sports wagering will be “an important contributor to our business.”
With the newly announced deal, Balto, a company that develops tools for users to organize and play fantasy sports games, will help fuboTV expand into both free to play gaming and online sports wagering. The online sports wagering market is expected to reach $155 billion by 2024 according to Zion Market Research.
Terms of the deal were not disclosed.