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FuboTV Shares Pop On Caesars Partnership, Access To Additional States For Sports Betting

FuboTV Shares Pop On Caesars Partnership, Access To Additional States For Sports Betting

Sports first streaming company fuboTV shared more news on its sports betting aspirations with a new partnership announced after market close Wednesday.

What Happened: On Tuesday, fuboTV Inc. (NYSE: FUBO) reported fourth-quarter earnings and highlighted its plans to launch sports betting by the fourth quarter of fiscal 2021.

The company plans on launching free-to-play games first in the third quarter and then sports betting in the fourth quarter.

FuboTV gained first market access for its fubo Sportsbook in Iowa through a deal with Casino Queen. fuboTV also signed deals with Major League Baseball and the National Basketball Association to become authorized gaming operators for each league.

On Wednesday, fuboTV announced it signed an agreement with Caesars Entertainment Inc (NASDAQ: CZR) for additional state access.

The deal with Caesars includes access for the fubo Sportsbook in Indiana and New Jersey.

"Today's market access licenses for Indiana and New Jersey will help us reach even more consumers at launch," fuboTV CEO David Gandler said. 

Why It’s Important: fuboTV has had aspirations to leverage its subscriber base and sport fan customers into a sports betting platform. On Wednesday morning, a rivalry may have started with DraftKings Inc (NASDAQ: DKNG) and Dish Network Corp (NASDAQ: DISH) announcing a partnership.

Dish Network customers will be able to access the DraftKings app to view betting odds and daily fantasy contests on their television. They will be prompted on the app to finalize bets made on the television screen.

No date was given by DraftKings on when the platform will launch.

FuboTV now has access to three states with legalized sports betting and will launch a new sport-betting app. It could be interesting to see if users will be able to place bets directly on the fuboTV streaming app.

Price Action: Shares of fuboTV were up 5% to $35.83 in after-hours trading on Wednesday. Caesars Entertainment shares were up 3% to $95.56.

Disclosure: The author has a long position in the shares of FUBO.

Photo courtesy: fuboTV


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