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fuboTV Acquires Balto Sports

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FuboTV Ceases Operations of Fubo Sportsbook, Announces Preliminary Q3 2022 Results

 

fuboTV Inc., the leading sports-first live TV streaming platform, has acquired Balto Sports, a company that develops tools for users to organize and play fantasy sports games. Terms of the deal were not disclosed. The acquisition marks fuboTV’s first move into the online sports wagering market.

fuboTV intends to leverage its own proprietary technology along with Balto’s contest automation software to launch a free to play gaming offering.

In connection with the deal, Balto’s team will join fuboTV and will be instrumental in driving the company’s expansion into both free to play gaming and online sports wagering.

“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. 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,” David Gandler, co-founder and CEO of fuboTV, said.

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“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. 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. We will be strategic in our approach to wagering as we consider and evaluate different opportunities and will adjust our plans accordingly. We’re excited to launch sports wagering, integrate it into our core offerings and deliver what we believe will be a truly groundbreaking live TV streaming platform to consumers,” David Gandler added.

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Plaza Hotel & Casino announces second Super Bingo $20,000 Giveaway

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Home to downtown Las Vegas’ only bingo room, the Plaza Hotel & Casino will again hold a $20,000 Super Bingo Giveaway. To qualify for the $20,000 Super Bingo Giveaway, players receive 10 drawing tickets for every Super Bingo 2-day event played in August 2024 through May 2025.

Upcoming Super Bingo dates in 2024 are Aug. 5-7, Sept. 9-11, Oct. 7-9, and Nov. 11-13. At the end of the year, the Plaza will hold its first-ever Super Bingo during the New Year’s holiday, Dec. 30 – Jan. 1. In 2025, Super Bingo events that count towards the $20,000 giveaway will be held Feb. 3-5, March 3-5, April 7-9, and May 5-7.

A group of people sitting at tables Description automatically generated with medium confidenceDuring the June 2025 Super Bingo event, the $20,000 giveaway drawing will occur before the coverall on day 2, June 4, 2025. Players must be present to win. Ten prizes will be awarded with a first prize of $10,000. All prizes will be paid in cash.

In addition, players who play three or more Super Bingo events from now through May 2025 will receive free registration for the June 2025 event.

Held in the Plaza’s ballroom, Super Bingo draws nearly 1,000 people from across the country and as far away as Hawaii and Canada for the opportunity to win big playing fun-filled games of bingo over two days, with a $50,000 super coverall both days while Bingo at the Plaza Hotel & Casinosocializing with like-minded bingo players.

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Bingo-only registration is $160 per person. Hotel-and-bingo packages start at $300 for a four-night stay with no resort fee.

All Super Bingo players receive one 6-on paper pack for both days, two daubers, free drinks via an open bar at all sessions, boxed lunch both days, and $10 in free slot play after the first day’s session.

The Plaza’s Bingo room offers six daily bingo sessions at 11 a.m., 1 p.m., 3 p.m., 5 p.m., 7 p.m. and 9 p.m. and is located two floors above the main casino. By parking on the third floor of the Plaza’s self-parking garage, guests have convenient and direct access to the Plaza’s bingo room.

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Penn Entertainment to Lay Off About 100 Employees

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Penn Entertainment plans to lay off about 100 employees as it focuses on growth for ESPN Bet.

CEO Jay Snowden told staff members in an internal email that the changes will enhance operational efficiencies following its 2021 acquisition of Canadian media and gaming powerhouse theScore.

The company employs about 20,000 people.

“When PENN acquired theScore, we hit the ground running with the build-out of our proprietary tech stack and the migration of our sportsbook to theScore’s best-in-class-platform,” Snowden wrote in the memo. “This led us to temporarily set aside any potential organizational changes that would typically follow a major acquisition.”

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Penn went on to say it’s embarking on a new phase of growth in its interactive business, which includes ESPN Bet, a $2 billion branding partnership with Disney’s ESPN. Snowden said the initiatives include product enhancements and deeper integration into ESPN’s ecosystem.

Investors are impatient for Penn to demonstrate its muscle with the rebranded sportsbook, and activist investor Donerail Group has called on the board to sell the casino company.

Rumors have swirled about the potential interest from many other online gaming and brick-and-mortar casino companies.

Truist gaming analyst Barry Jonas wrote in a note Thursday that a sale is unlikely in the near term because of the complexity of a transaction that would likely involve major divestitures.

Penn’s release of new ESPN Bet features this fall during football season should meaningfully improve its product, Jonas said, and a focus on costs indicate the company’s commitment to seeing its investment yield results.

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Penn shares have plummeted 25% year to date. It has missed earnings expectations the last two quarters and lowered guidance.

“Investors continue to wonder what an ESPN Bet success could look like, and how much more investment (beyond what’s guided) it’ll take to reach,” Jonas notes.

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Greenlite Ventures Completes Agreement with No Limit Technology

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Greenlite Ventures Inc. has announced the signing of a Reorganization Agreement with No Limit Technology Holdings Inc. (No Limit), a company involved in the sports betting and cryptocurrency markets. The agreement has been submitted to FINRA pursuant to its company-related action review process. Once the review is concluded, and FINRA advises the company that no further action is required, the acquisition will be deemed closed. However, the decision to conclude the review and determine that no further action is required is entirely within the authority of FINRA and no assurance can be given that such will be the case.

As a result of the acquisition, GRNL will own all physical assets and intellectual property previously owned and developed by No Limit. In consideration, No Limit has acquired majority shareholder control of GRNL, and No Limit founder and CEO Rafael Groswirt will be appointed as GRNL’s new CEO.

With this acquisition, GRNL seeks to create a decentralized sports betting ecosystem. Utilizing blockchain technology, cryptocurrency, artificial intelligence, and peer-to-peer algorithms, GRNL plans to launch a sports betting exchange powered by its own cryptocurrency, the No Limit Coin. The platform is intended to offer financial benefits to users, including a greatly reduced house take and non-custodial wallets that allow users to always be in control of their funds.

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