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fuboTV Closed Q4 and FY 2021 With Record 1.13 Million Subscribers; Expects to Exceed $1 Billion Revenue In 2022

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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, today announced its financial results for the fourth quarter and full year ended December 31, 2021. The company also announced 2022 guidance, expecting to drive over $1 billion in total revenue this year.

fuboTV delivered record annual revenue of $638 million total revenue in 2021, including $1 million impact of the December 2021 acquisition of Molotov. Excluding Molotov, fuboTV’s total annual revenue was $637 million, an increase of 144% over 2020.

The company closed 2021 with 1.13 million total paid subscribers, up 106% from the prior year. fuboTV added 185,000 net subscribers in the fourth quarter.

fuboTV also achieved record year-over-year (YoY) growth during the fourth quarter of 2021, including:

  • $231 million total revenue, including $1 million impact of Molotov.
    • $230 million total revenue, up 119% YoY, excluding Molotov.
  • $26.1 million advertising revenue, including $0.2 million impact of Molotov.
    • $25.9 million revenue, up 98% YoY, excluding Molotov.
  • fuboTV customers streamed 404 million hours of content during the quarter, a 96% increase YoY.

These milestones exceeded the preliminary fourth quarter 2021 results announced on January 10, 2022: 1.1 million plus paid subscribers, $215-220 million total revenue and over $25 million in advertising revenue.

fuboTV also reported higher unit economics during the quarter and benefited from inherent operating leverage as its customer base scaled. Adjusted Contribution Margin (ACM) was positive 9.7% for full year 2021, an increase of 104 basis points (bps) YoY when compared to the company’s normalized full year 2020 ACM. Lower subscriber acquisition costs, strong marketing discipline and a lifted attach rate to 2.5 were all achieved, contributing to the company’s path towards profitability.

These results represent fuboTV’s growth only and exclude the operating performance of Molotov except where otherwise noted. Complete fourth quarter and full year 2021 results are detailed in fuboTV’s shareholder letter available on the company’s IR site.

fuboTV also released revenue and subscriber guidance for 2022, broken down by North America and Rest of World (ROW), including France (Molotov) and Spain. Within North America, the company forecasts first quarter 2022 revenue of $232 million-$237 million and full year 2022 revenue of $1.08 billion-$1.09 billion, which projects achieving the billion dollar mark for the first time. North America subscribers are expected to reach 1.028 million-1.033 million in the first quarter of 2022 and 1.500 million-1.510 million for the full year. Within ROW, the company forecasts first quarter 2022 revenue of $3 million-$6 million and full year 2022 revenue of $15 million-$20 million. ROW subscribers are expected to reach 235 thousand-240 thousand in the first quarter of 2022 and 270 thousand-280 thousand for the full year. Note that this guidance does not include any projected revenues from online sports wagering.

“fuboTV delivered a record fourth quarter and full year across a number of our key financial and operational metrics,” said David Gandler, co-founder and CEO, fuboTV. “Engagement continues to be strong as we add differentiated content to our offering and focus on innovating our product to meet consumer preferences and drive a premium experience. Our expansion into real-money wagering is underway with the launch of Fubo Sportsbook across two states with additional states expected to follow this year. This launch represents a differentiated and industry-first integration of streaming and a sports wagering product and we see ourselves in the very early innings of a massive opportunity.”

“Our fourth quarter closes out an extraordinary year defined by delivering triple-digit year-over-year growth in total revenues, advertising revenues and subscriber growth all while continuing to expand adjusted contribution margin,” said Edgar Bronfman Jr., executive chairman, fuboTV. “Within the year, we achieved several important milestones, representing meaningful advancements towards our mission to build the world’s leading global live TV streaming platform with the greatest breadth of premium content, interactivity and integrated wagering. Our progress over the course of 2021 further fortifies our position to continue to execute on that mission in 2022.”

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UNLV International Gaming Institute Launches AI Research Hub

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The UNLV International Gaming Institute (IGI) has launched its AI Research Hub (AiR Hub), a significant step toward advancing research and understanding on the impacts, risks, and opportunities of artificial intelligence (AI) within the gambling industry.

Co-founded by Kasra Ghaharian, IGI Director of Research, and Simo Dragicevic, an industry and research veteran who now serves as an Adjunct Fellow at the Hub, the initiative will develop an ecosystem for collaborative AI research and accelerate the adoption of trusted and responsible AI.

Key initiatives underway focus on critical areas, including the forthcoming State of AI in Gaming report. This annual deep dive will be a first of its kind for the sector, surveying current and future use cases and indexing companies on their AI maturity. Other initiatives include thought leadership and practical tools for operators and regulators to promote responsible AI oversight and governance, and developing benchmarking solutions for critical AI systems within the sector.

“UNLV’s International Gaming Institute has a long history of pioneering research in the gaming sector, and we are excited to launch AiR Hub as the next step in that journey. Our vision is to create tangible progress through collaborative, actionable research with engagement across a range of stakeholders, including regulators, academics, non-profit organizations, and industry,” Ghaharian said.

AiR Hub is supported by a prestigious group of founding industry members. Representatives from Action Gaming, Axes.ai, Evoke Plc, Gaming Analytics, Kindbridge Behavioral Health, Playtech Plc, ROGA (Responsible Online Gaming Association), and Walker Digital Table Systems will serve on AiR Hub’s industry advisory panel.

“We are grateful for not only the financial support offered by our founding members, but also the expert knowledge they bring in regard to technology, data, and wider gambling business and player support practices. We operate in a highly complex and integrated industry that is evolving quickly, and this knowledge and experience will be essential to fully understanding the risks and capitalizing on the potential of AI within the industry,” Dragicevic said.

The founding member round will remain open to organizations for an additional six months.

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Evolution Debuts US Launch of Red Door Roulette

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Evolution announced the US launch of Red Door Roulette, the ultimate online live game show mash-up that combines the award-winning Lightning Roulette and the exhilarating bonus game from the world’s most popular live game show, Crazy Time.

Red Door Roulette was previously launched globally in 2023 and is set to hit the market first in New Jersey and Delaware, with other states soon to follow.

The fusion of these two popular live game shows elevates the gameplay to new heights with multiple diverse game rounds. In the introductory slot round, players can acquire up to 15 bonus numbers with keys with the hopes of entering the iconic Crazy Time bonus game, where the gigantic virtual wheel awaits with guaranteed multiplier rewards.

The anticipated US launch is a welcome addition to Evolution’s game show portfolio in North America and is another step in supporting the company’s growth strategy for live online casino gaming.

Jacob Claesson, Chief Executive Officer Evolution North America, said: “We are incredibly excited to officially launch Red Door Roulette in the US. Our game shows are an excellent introduction for new players to live dealer gaming, and following the game’s success internationally, we look forward to seeing how players in New Jersey and Delaware embrace this unique game. This is just the first phase of our tremendous live game roadmap for 2025, with a wide variety of new games coming soon to all regulated states.”

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Fanatics Sportsbook Partners with New York Racing Team

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New York Racing Team announced a partnership with Fanatics Sportsbook to become the primary sponsor of the team’s No. 44 Chevrolet, driven by star driver J.J. Yeley for two of the NASCAR Cup Series’ most prestigious races – the Cracker Barrel 400 at Nashville Superspeedway and the NASCAR Cup Series Championship Race at Phoenix Raceway.

The Fanatics Sportsbook No. 44 Chevrolet will take to the track – first in Music City on Sunday, June 1 and next in The Valley on Sunday, November 2 – decked in the company’s signature Lava Red and Black paint scheme and adorned with the Fanatics Sportsbook logo on the hood and sides of the car. It’s only fitting that Fanatics Sportsbook will grace the car for the first time in Tennessee, as the state was the first to experience the sportsbook upon its launch in 2023.

In celebration of this partnership, Fanatics Sportsbook will have exclusive new customer offers for the Nashville and Phoenix races, along with expanded NASCAR betting capabilities, such as race parlays, to finish on the podium, exacta and trifecta betting. Fanatics Sportsbook will also offer unique JJ Yeley specials and live betting markets on Raceday.

According to Fanatics Sportsbook, Yeley is +800 to have a Top 10 Finish at Nashville Superspeedway and customers will also be able to place wagers on J.J. Yeley’s Starting Grid Position, Chevrolet-specific placement, first lap results, and much more. NASCAR fans can download the Fanatics Sportsbook app on iOS and Android and begin their Fanatics betting experience.

“We are proud to partner with John Cohen and the New York Racing Team. The partnership with New York Racing Team is an incredible branding opportunity and an inflection point for us as we continue to build the fastest growing sportsbook in America. We are going to develop exclusive content for NASCAR fans and curate an elevated experience for our customers at each race that only a brand like Fanatics can offer. Our employees and customers can’t wait to cheer on the No. 44 Fanatics Sportsbook Chevrolet toward the checkered flag at Nashville Superspeedway and Phoenix Raceway,” said Selena Kalvaria, CMO of Fanatics Betting and Gaming.

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