Fubo Sportsbook launches in New Jersey

The Fubo Sportsbook went on sale in New Jersey on Wednesday. This is his third U.S. market for the operator, but it is not only the largest and most profitable, but also the most competitive for smaller online sports betting brands.

Last updated: Sep 8, 2022 11:14am ET
Read time: 4 minutes

Fubo Sportsbook announced yesterday that it has successfully passed New Jersey’s game regulation phase and can now bring its own “Watch & Wager” feature to Garden State fans in time for the start of the NFL season. .

By leveraging first-party data to understand your viewing preferences and provide relevant betting recommendations, the app and its unique features work in real-time only from your iOS or Android device.

fuboTV co-founder and CEO David Gandler said: “Today’s launch is an important milestone for Fubo Sportsbook. Our book is now available in his three states, including one of the top gambling markets in the country.”

In February, Fubo Gaming, a subsidiary of fuboTV Inc., the first live sports TV streaming platform, announced it had secured market access deals for Fubo Sportsbook in Mississippi, Louisiana and Missouri through Caesars Entertainment, Inc. did. Fubo says he has deals in 10 states and now with the launch in New Jersey he’s active in 3 states.

New Jersey is a big step for Hubo

New Jersey will become the first state to clear the $10 billion annual mark in 2021, generating a total of $10.93 billion in legal revenue through 20 available online sportsbooks and 12 available land-based sportsbooks. Earned sports betting earnings. In January 2022, the state set her all-time one-month record for processing sports betting by winning her $1.35 billion in stakes that month.

“As one of the largest and most established sports betting markets in the United States, New Jersey will help Fubo analyze and efficiently develop the most compelling product features focused on driving streaming customers to bet. make it possible.

The newly established partnership with Caesars comes as a result of fuboTV’s Q2 2022 results announcement. The sportsbook reported a staggering increase in net loss for the quarter ($116.3 million) despite an impressive 65% year-over-year gain. Hampering Fubo’s ability to compete with major operators.

At the time, in an effort to stabilize future growth and allow the relatively small Fubo to compete with industry giants like FanDuel, DraftKings, and BetMGM for a tiny slice of the New Jersey giant’s handle, Fubo had companies like Caesars. It became clear that a major partner was neededPie.

US Market Owned by Big Guys

Eilers & Krejcik Gaming reported that national GGR (Gross Gaming Revenue) shares were split broadly between the seven major players in the industry, in figures released by the US Sports Betting Market Monitor for July 2022. did. Overall, these seven sportsbooks account for his 96.7% of his USGGR, and micro players like Fubo struggle to justify continued participation in the market.

FanDuel remained the largest player in the industry with a whopping 46.6% share of US GGR in 2021, followed by DraftKings with 20.2%, followed by BetMGM (14.1%) and Caesars (7.5%). BetRivers, Barstool Sportsbook and PointsBet were the only other operators with his GGR share above 1% nationally.

As of last year, Fubo announced a multi-year partnership with the NFL’s New York Jets. This is a first for the company. The partnership centers around creating his Fubo Sportsbook Lounge at MetLife Stadium, which debuted earlier in his NFL season.

The lounge helped the Jets prioritize their engagement with [its] Jeff Fernandez, vice president of business development and ventures at Jets, said:

Whether a groundbreaking co-branded partnership with Jets, a unique “Watch & Wager” feature, and a partnership with Caesars are enough to set fuboTV apart from its behemoth counterparts remains to be seen this time next year. Conversation.

As an additional effort to gain market share in New Jersey, users who register with Fubo Sportsbook in the state can use the code “FUBONJ” to BET $20, GET $150 promotional offers, and 1 month of fuboTV can receive free.

Pages related to this topic

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *