Fubo is continuing with its planned online sportsbook in New Jersey — in time for the NFL season, no less — despite announcing last week that the company was less than interested in continuing to go it alone in the cutthroat world of sports betting.
“We continue to believe that an integrated wagering platform, offering both live video and a sportsbook, will result in the best viewing and gaming experience for consumers,” the company wrote in a letter to investors last week. “However, as we have evaluated how best to scale these capabilities in today’s market, 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.”
Despite publicly seeking out a partnership in the sports betting industry, the company still is looking forward to being New Jersey’s 25th online entry into the sportsbook wars.
“We recently submitted our Fubo Sportsbook mobile app to the New Jersey Division of Gaming Enforcement and expect to be approved in time for the 2022 football season,” the letter continued.
$FUBO no longer pursuing sports betting on its own, undertaking a strategic review with discussions internally and externally.
Fubo Sportsbook live in AZ, IA – progressing on application process in NJ, expects to go live by NFL season.
FUBO betting ops $-182,000 in Q2
— C. Blake Weishaar (@Fantini_Blake) August 4, 2022
The Fubo four
Additionally, the company — which has already launched its sportsbook in Iowa and Arizona — plans to launch in a fourth state in the coming weeks.
“While our disciplined sportsbook progress continues, in light of a rapidly-evolving macro-economic environment, we believe it is important to be even more capital efficient than originally scoped,” the letter read. “We are taking steps to de-risk our business and have made the decision to no longer go down the wagering path independently. As a result, we’re evaluating strategic opportunities for our wagering business.”
While it’s unknown what Fubo’s New Jersey sign-up bonus plans are, the company is currently offering a $1,000 “risk free” bet and a month of Fubo TV to new customers in Iowa and Arizona.
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