FuboTV takes over sports betting firm Vigtory
The US streaming service has acquired sports betting and interactive gaming firm Vigtory in a move which will see the company expanding into the American online sports wagering market.
Once the financial terms of the deal have been concluded, FuboTV will merge Vigtory’s sportsbook and digital gaming tools into its streaming service. Subsequently, viewers will soon be able to simultaneously watch sports and place bets.
The acquisition of Vigtory was very well-calculated, becoming part of FuboTV’s plan to enter the American sports wagering market, which is currently flourishing. The streaming service has already seen its market cap rise to $2.5 billion after the announcement of their latest acquisition.
“We believe online sports wagering is a highly complementary business to our sports-first live TV streaming platform,” said David Gandler, co-founder and chief executive of the streaming service. “We don’t see wagering as simply an add-on product… Instead, we believe there is a real flywheel opportunity with streaming video content and interactivity.”
Gandler added: “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.”
Vigtory founder Sam Rather said: “To have the unique opportunity of integrating Vigtory’s innovative digital betting applications into live streaming, a leading vertical in how fans consume sports, is an unprecedented opportunity in the digital gaming market.”