Press Releases
FuboTV Ceases Operations of Fubo Sportsbook, Announces Preliminary Q3 2022 Results
FuboTV Inc., the leading sports-first live TV streaming platform, announced its preliminary third quarter 2022 results. Revenue and subscriber growth for North America (NA) are expected to exceed previously issued guidance.
The company is expected to close the third quarter 2022 with NA revenue of at least $210 million, an increase of approximately 34% year-over-year, and Rest of World (ROW) revenue of at least $5.5 million. Prior third quarter revenue guidance for the NA streaming business was $200-205 million and $5-6 million for ROW. ROW includes Molotov, the French live TV streaming service acquired by FuboTV in December 2021.
Paid subscribers in NA for the third quarter are expected to exceed 1,220,000, an increase of more than 27% year-over-year, with ROW paid subscribers expected to reach approximately 350,000. Prior third quarter paid subscriber guidance was 1,135,000-1,155,000 for NA and 340,000-360,000 for ROW.
FuboTV states its key metrics on a year-over-year basis given the seasonality of sports content.
Additionally, the company expects to post approximately negative $100 million of Adjusted EBITDA (AEBITDA) in the third quarter. Fubo’s balance of cash and cash equivalents at the end of the quarter is expected to be at least $300 million.
FuboTV’s expected preliminary results demonstrate a continued progression towards the company’s 2025 profitability targets. Given these goals, the company has now completed its previously announced strategic review of the Fubo Gaming business. 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. As a result, FuboTV will close its Fubo Gaming subsidiary and cease operation of its owned-and-operated Fubo Sportsbook effective immediately.
“FuboTV’s strong preliminary third quarter 2022 results reflect meaningful advancements against our continued mission to profitably scale a leading global live TV streaming platform differentiated by the greatest breadth of premium content and interactivity,” said David Gandler, co-founder and CEO, FuboTV. “We expect to deliver strong revenue and subscriber growth in Q3, exceeding our previously issued guidance in North America, against the backdrop of a highly competitive operating environment. We’re pleased with this expected performance, and our progress toward achieving our positive cash flow target in 2025. Following our previously announced strategic review, we have concluded that continuing with Fubo Gaming and Fubo Sportsbook in this challenging macroeconomic environment would impact our ability to reach our longer term profitability goals. Therefore, we have made the difficult decision to exit the online sports wagering business effective immediately. We look forward to providing more color, as well as discussing our full third quarter 2022 results and full year outlook, on our November 4 earnings call.”
Following the success of its installation at Winpot Puebla, Zitro strengthens its partnership with the Mexican operator by launching its innovative line of CONCEPT cabinets at Winpot Boca del Río.
CONCEPT arrives with Zitro’s perfect game combo: Legendary Sword and King Fu Frog. Thanks to their high-quality graphics and innovative mechanics, both titles are designed to deliver an unparalleled gaming experience. The machines feature the Magic Lighting system, which synchronizes lights and sounds with the game, in addition to their modern Screen Deck, providing greater comfort and functionality for players and the operations team, among many other features that make it a worldwide success.
Anuar Haua, Operations Director of Winpot, commented: “After our success with the CONCEPT cabinets in our Puebla venue, it was natural to bring this experience to the Boca del Río public. The response from our players has been incredible, and with this new installation, we reaffirm our commitment to offering the best of the market, hand in hand with Zitro.”
Johnny Ortiz Viveiros, founder of Zitro, added: “We are proud to see how CONCEPT continues to gain ground in Mexico, now also at Winpot Boca del Río. This collaboration reflects the mutual commitment we share with Winpot to elevate the player experience through technology, design, and innovation.”
Justin Simporios is normally a sound sleeper who “can fall asleep anywhere” – but he had a very sleepless night, after learning he won an $80-million Lotto Max jackpot from the May 9, 2025 draw. This is the largest lottery jackpot ever won in B.C. and is also the largest jackpot ever won by a single individual in Canada.
“It was 10:30 p.m.,” recalled Simporios of the moment he realized he won. “I saw that someone won $80 million in Surrey. I was joking and told my wife ‘we’re millionaires!’ and she told me to stop making that joke. After, I manually checked each number before scanning [using the BCLC Lotto! I cried and shouted, ‘we’re millionaires!’”
The Surrey resident woke up his wife to share the news. “She was in complete disbelief and a bit mad at me because our daughter wasn’t feeling well.” Simporios’ wife luckily agreed this was a good reason to wake her.
While still in disbelief about his win, Simporios is ultimately most excited to share his windfall with his family. “I want to help my family and my wife’s family. I’ll pay off my sister’s medical school debt and help my mom retire early – just giving my family a head start in life.”
Giving back to the community in Surrey and B.C. is also a key priority for Simporios. “I’ve struggled before and needed help. Even if I can give an ounce of happiness, I want to help where we can. This feels like a dream.”
As an avid LA Lakers fan, Simporios mentioned he would like to see LeBron James play before James retires. He also plans to visit his family in the Philippines for a family reunion. “My wife and kid have never visited!”
On how it feels to win a record-breaking jackpot?
“The biggest change will be having more time with my wife and family. We want to live with a purpose – to help the community around us.”
Simporios purchased the winning ticket at the Walmart Supercentre in Central City on King George Boulevard in Surrey.
So far in 2025, B.C. lottery players have redeemed more than $101 million from Lotto Max. Lotto Max is a nationwide lottery game drawn on Tuesdays and Fridays after 7:30 p.m. (PST).
Players can purchase tickets at lottery retailers or at PlayNow.com. Winning numbers and group release forms can be found online at www.bclc.com. Players can check their lottery tickets anytime, anywhere on iOS and Android devices. Learn more about the BCLC Lotto!
BCLC offers socially responsible gambling entertainment while generating income to benefit all British Columbians. Players can visit PlayNow.com to learn how to set time and money limits.
LEON Esports, the international esports division of Leon.bet, has officially become the international partner of SAW, one of the leading Counter-Strike 2 teams in Europe.
Based in Portugal, SAW is currently ranked #24 in the global CS2 rankings (HLTV) and maintains a strong position within the Top 30. The team is recognized for its competitive consistency, professional structure, and growing fanbase across Europe.
This partnership marks the second major esports collaboration for LEON Esports, following its ongoing cooperation with FlyQuest. The agreement with SAW reflects LEON’s continued commitment to the development of the global esports ecosystem and its support for high-performing international teams.
The cooperation will include a range of joint initiatives, such as exclusive content creation, community activations, and brand integrations designed to strengthen the connection between the team and its audience.
With this new partnership, LEON Esports continues to expand its presence in international esports and invest in teams that demonstrate both potential and performance on the world stage.
-
Canada7 days agoAGCO issues penalties of $151,000 against Great Canadian Entertainment for alleged age verification failures
-
Compliance Updates6 days agoGreyhound Advocates Applaud Oregon Governor Tina Kotek for Signing Historic Internet Betting Ban on Greyhound Races
-
Latest News5 days agoRush Street Interactive Announces Initiative Supporting Increased Gaming Literacy for Teens
-
Latest News6 days agoScientific Games Wins Three 2025 American Business Awards for Lottery Retail Technology Innovation and Instant Scratch Game Achievement
-
Latest News6 days agoSouth Africa is Leading the Call for Responsible Gambling in African Countries
-
Canada5 days agoOLG Selects Caesars Entertainment as the Service Provider for Windsor Casino
-
Compliance Updates5 days agoMinimum Deposit Casinos Warns of Sweeping Changes as States Crack Down on Online Sweepstakes Casinos
-
Latest News5 days agoWildly popular ‘Fortune Tiger’ game among PG Soft Brazil rollout