fuboTV Makes Another Move in Sports Betting with Upcoming Acquisition

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fuboTV announced today plans to acquire sports betting and
interactive gaming company Vigtory, and expects to launch a sportsbook before
the end of the year. The acquisition is expected to close in the first quarter
of 2021.

fuboTV will use Vigtory’s sportsbook platform to begin
offering sports betting to fubo customers. Vigtory’s co-CEOs are Sam Rattner, a
digital sports entrepreneur, and Scott Butera, former president of interactive
gaming at MGM Resorts International. The two will serve as president and COO of
fuboTV’s gaming division.

fuboTV shared details of its plans for getting into the sports betting space in December when the company announced its acquisition of Balto Sports, after first announcing the plans during a Q3 earnings call.

“We believe online sports wagering is a highly complementary
business to our sports-first live TV streaming platform,” said David Gandler,
co-founder and CEO, fuboTV. “We don’t see wagering as simply an add-on product
to fuboTV. Instead, we believe there is a real flywheel opportunity with
streaming video content and interactivity. Our free to play gaming experience,
which will be available to all consumers, will build further scale to fuboTV,
essentially acting as another lead generator for driving subscribers to our
streaming video platform and, ultimately, our sportsbook. 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 monetization, better subscriber retention and reduced subscriber acquisition
costs.”

“The addition of Vigtory to fuboTV is a pivotal event in the
sports entertainment industry,” said Butera. “As sports fans increasingly
desire interactive sports events, sports betting and related businesses such as
iGaming and free to play contests have become a critical component of fan
engagement. Combining fuboTV’s broad and deep offering of live streamed
sporting events with Vigtory’s world-class sports betting products creates the
ultimate sports betting experience for consumers.”

fuboTV recently disclosed preliminary Q4 2020 results, including expectations of reaching over 545,000 paid subscribers in 2020, an increase of more than 72% year-over-year.

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