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.”
BETBY, a pioneering provider of top-tier B2B sportsbook solutions, has unveiled a strategic alliance with Cactus Gaming, a prominent iGaming platform renowned for its strong foothold in the Latin American market. This partnership heralds the integration of Betby’s advanced sportsbook into Cactus Gaming’s platform, utilizing a shared API framework. As a result, the time-to-market for Cactus Gaming’s operator partners is significantly shortened, enabling them to launch the sportsbook within a matter of days.
United by a common commitment to innovation and excellence, Betby and Cactus Gaming aspire to redefine the landscape of iGaming by setting new benchmarks for quality and pushing the boundaries of online betting. This collaboration represents a fusion of expertise, creativity, and ambition, with a collective goal to provides a first-class sports betting experience.
Chris Nikolopoulos, Betby’s CCO, said: “We are thrilled about our collaboration with Cactus Gaming, which reaffirms Betby’s dedication to partnering with industry frontrunners. This strategic alliance enables us to extend Betby’s sportsbook solution and services to Cactus Gaming’s partners, enhancing their betting experiences by granting seamless access to the most current and exceptional sports content alongside cutting-edge technology. I am confident that both companies will realize substantial long-term advantages from this partnership.”
Tiago Silva, Cactus Gaming’s CRA, said: “We are thrilled to initiate this partnership with Betby. This collaboration empowers us to harness Betby’s vast expertise and state-of-the-art sportsbook solution, enabling us to deliver the ultimate sports betting experience to our partners in Latin America and worldwide. We anticipate that this partnership will set the stage for further innovative collaborations in the future.”
Swedish gaming giants’ games now live with leading US operator in Michigan, West Virginia, New Jersey, and the Keystone State
Play’n GO, the world’s leading casino entertainment provider, has today announced further expansion of its partnership with leading US operator BetMGM,with the Swedish gaming giant’s content now available with the group in Pennsylvania.
Play’n GO and BetMGM’s US partnership has already proven stunningly successful in Michigan, New Jersey, and West Virginia, and this expansion sees the partnership extend to a fourth US state. Having secured its Pennsylvanian gaming license in March, Play’n GO is now live with two operators in this key state. BetMGM players in Pennsylvania now have access to classic Play’n GO titles, such as Reactoonz.
Play’n GO is now licensed in six US states and is aiming to be active in every regulated market, in the US and around the world.
Magnus Olsson, Chief Commercial Officer at Play’n GO said: “We’re pleased to expand our partnership with BetMGM into a fourth US state, and look forward to continued success together. We have always been committed to a safe, regulation-led industry to secure a sustainable future for us all. BetMGM share our vision, and so are a perfect partner for us. We will continue our mission of being active in every regulated market around the world, and we’re excited for further growth opportunities well into the future, in the US and beyond.”
The provider rolls out three of its main verticals with PixBet in Latin America
Pragmatic Play, a leading content supplier to the iGaming industry, has solidified its presence in the Brazilian market activating its products on PixBet’s site, a leading operator in Latin America.
Pragmatic Play has integrated its diverse portfolio of Slots, Live Casino, and Virtual Sports titles onto PixBet’s online platform, becoming available to its large customer base across the region.
PixBet’s customers can now benefit from Pragmatic Play’s extensive range of games, including fan-favourites Gates of Olympus™ and the recent Blackjack X offering, which promises to become a popular choice across the continent.
The alliance underscores Pragmatic Play’s continued commitment to expansion across Latin American markets, delivering exceptional gaming experiences to players through innovation and entertainment.
Victor Arias, VP of Latin America at ARRISE powering Pragmatic Play, said: “This launch reinforces Pragmatic Play’s commitment to delivering cutting-edge gaming experiences to players across Latin America and also highlights the brand’s dedication to expanding its footprint in the dynamic Brazilian market.”
Ernildo Junior, CEO of PixBet, added: “Having Pragmatic Play’s multi-product portfolio marks a significant milestone for PixBet as we continue to elevate our offerings in the Latin American iGaming landscape, providing our players with top-tier gaming experiences.”
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