fuboTV (NYSE: FUBO) moves into a very promising corner of the sports market. The company announced on Tuesday that it had agreed to acquire sports science and gaming specialist Vigtory. According to fuboTV, he is using this new asset, and expects to use a sports book (ie sports betting service) by the end of this year.
The price and terms of the transaction have not been disclosed.
Vigtory is a relatively new company, founded in 2019. This was not a coincidence, amid a spate of sports betting legalization across the United States. The wave has not yet hit, as the coronavirus pandemic is the finances of many states; some of them are likely to be legal to bring in more tax revenue.
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fuboTV is determined to be competitive in this segment. Last month, he acquired another technology betting company for sports betting, Balto Sports. In press releases trumpeting the Balto and Vigtory deals, fuboTV cites an estimate from Zion Market Research that predicts the online sports betting market will be worth $ 155 billion by 2024.
“We believe online sports betting is a very complementary venture with our sports first live TV streaming platform,” CEO David Gandler was quoted as saying in a Vigtory press release. “We do not view betting merely as a complementary product to fuboTV. Instead, we believe there is a real flywheel opportunity with the streaming of video content and interactivity.”
FuboTV investors seem to agree strongly. On Tuesday, the company’s share shot up 34%, past the company’s flat performance S&P 500 index.