Top stories around our network this week
is among various media entities dedicating the past several years to chronicling the massive expansion of legal sports betting (not to mention other once-frowned-upon gambling activities) across the U.S. Rarely have we had a need to focus our writing on cutbacks in anyone’s plans regarding that.
And then came FuboTV, with its unexpected announcement this week that it was shutting down Fubo Sportsbook operations in Iowa, Arizona, and New Jersey. And as for plans for future Fubo Sportsbook operations in Ohio, Indiana, and Pennsylvania, forget about those, too.
FuboTV CEO David Gandler called it a “difficult decision to exit the online sports wagering business effective immediately,” which was due to the drag the business has on “longer term profitability goals.” In general, the numerous online sportsbook operators launching in recent years have yet to turn profits because of the time it takes to recover customer acquisition and marketing costs.
No one can say yet if other smaller operators will close operations as well, which has been frequently predicted. But in the short term, one collateral victim is the Cleveland Cavaliers franchise, which had a deal for Fubo Sportsbook to serve as its mobile sports betting partner when Ohio launches its industry on Jan. 1. It was not immediately clear when and how the NBA team will be able to line up with a new partner.
stable of writers and sites will continue to cover fully both the positive and negative developments in the sports betting and broader gambling industries, as stories below from the past week demonstrate.
That ESPN is one coy suitor
ESPN confirms talks with sportsbooks but doesn’t set timing for brand launch
Guess that’s why they call it gambling
Lesson learned? Legalizing wagering via initiative is no easy task
Don’t bet on your favorite team – spin it
Deal with Aristocrat Gaming will pair NFL teams with slot machines
Betting sure is a funny business sometimes
Thursday Night Football unders a profitable bet in 2021, 2022