FuboTV announced as part of its preliminary third quarters results Monday that it would cease operations of Fubo Sportsbook effective immediately and leave the sports wagering marketplace.
In a press release, FuboTV co-founder and CEO David Gandler said “continuing with Fubo Gaming and Fubo Sportsbook in this challenging macroeconomic environment would impact our ability to reach our longer term profitability goals.” FuboTV had previously expressed the goal of being profitable by 2025 and had initiated a strategic review in August to potentially find a partner for the sportsbook.
According to the company, while “multiple parties expressed interest in the business, none of these opportunities would have allowed Fubo to lower its funding requirements and generate sufficient returns to shareholders. Therefore, we have made the difficult decision to exit the online sports wagering business effective immediately.”
FuboTV plans to go into greater detail about the decision during its Nov. 4 earnings call that will also provide a full third-quarter picture and its full-year outlook. It expects to close the quarter with $210 million in North American revenue, a 34% year-over-year increase, and more than 1.2 million paid subscribers — slightly above prior guidance that estimated between 1,135,000 and 1,155,000 paid subscribers.