US streaming service FuboTV has acquired the sports betting and interactive gaming firm Vigtory, allowing the company to infiltrate the American online sports wagering market.
Once the financial terms of the deal have been finalised, FuboTV will integrate Vigtory’s sportsbook and digital gaming tools into its streaming service. Resultantly, viewers will soon be able to simultaneously watch sports and place bets on their outcome.
The market is burgeoning for live-streaming and sports betting
The acquisition of Vigtory was highly calculated – forming part of FuboTV’s strategy to expand into the American sports wagering market, which is currently burgeoning. The streaming service has already seen its market cap increase to $2.5 billion following on from 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, the 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 continued: “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.”
A leading vertical in how viewers consume sports
Vigtory founder Sam Rather was also enthusiastic about the prospects: “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.”
As the market for live streaming sports wagering to grow, affiliates should look at this as a fantastic opportunity to expand their horizons.