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A challenging financial market has led FuboTV to exit its online sports wagering business, Fubo Gaming, and close down its Fubo Sportsbook venture, the streaming company disclosed on Monday.
“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,” the company said in a statement as it released its preliminary third quarter financial results.
FuboTV is a virtual multichannel streaming bundle, similar to YouTube TV, Sling TV and Hulu with live TV. But unlike those other streamers, which are associated with legacy pay TV bundles, or giant tech companies, FuboTV is an independent player focused on engaging sports fans.
But in an increasingly competitive streaming space, FuboTV has decided to exit online sports betting, the company added in its statement. Despite fielding interest for the sports betting assets, FuboTV said it saw no potential partners come forward to help reduce upfront launch costs and see its way to profitability for shareholders by integrating its streaming TV offering with sports betting.
David Gandler, co-founder and CEO of FuboTV, and other top execs will offer comments on pulling back from online sports wagering when they hold a third quarter analyst call on Nov. 4.
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