- Major sports and TV streaming platform fuboTV has acquired Balto Sports, signaling a move into the sports betting world for the company.
- Balto Sports develops tools for fantasy sports software, suggesting that fuboTV will foray into the sports betting market in joint with their expanding streaming service.
NEW YORK CITY – The world of sports betting continues to expand into new areas, this time with streaming service fuboTV.
Announced Tuesday, fuboTV has acquired developers Balto Sports in a move that will bring sports betting to the fuboTV platform in the future.
FuboTV is a newer streaming service that has focused heavily on sports and primarily live sports content.
FuboTV offers over 100 channels for sports fans across the world and is known as a solid provider for those looking to watch major leagues like the NFL, NBA, and MLB, as well as international soccer, NHL, golf, tennis, and much more.
Now, legal sports betting enthusiasts who subscribe to fuboTV could be seeing some big changes in the near future.
The move was signaled a month ago when the company released its Q3 earnings, announcing that the service had reached 455,000 subscribers.
The new deal with Balto will combine the streaming service with a company that develops platforms for users to create and play fantasy sports. Whether this means that fuboTV users will one day be able to set their (*NFL betting lineups https://www.legalsportsbetting.com/nfl/ *) from their TV’s remains to be seen.
“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,” said David Gandler, co-founder and CEO of fuboTV. “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.”
While terms of the deal were not released, it is likely a large price tag for the merger. Zio Market Research estimates the legal sports betting industry to be worth $155 billion by 2024.
“The acquisition of Balto Sports will enable us to build a first-class, free to play experience that brings consumers the best games around live sports,” said Gandler. “From there, we see a natural progression to layer on real money wagering in regulated markets complementing FuboTV’s live streaming video for a highly engaging user experience within our platform. “
This deal will likely come into play more down the road as media companies continue to make legal sports betting part of their viewing experience.
Jimmy began his journalistic journey as a stat recorder and PA announcer for his middle school baseball team. Full of experience across print, broadcast, and sports radio, he brings his knowledge and toolkit to the LegalSportsBetting team. You can find him watching sports, making parlays, and listening to music on any day ending in Y.