Streaming provider FuboTV has announced it is to close its Fubo Gaming subsidiary and cease operations of its owned-and-operated Fubo Sportsbook with immediate effect.
The decision was made following a strategic review of the business, which was launched in August after FuboTV said it could not operate its sports betting division alone in the current economic environment.
FuboTV said while multiple parties expressed interest in the betting business, the provider also said that none of these opportunities would have allowed FuboTV to “lower its funding requirements and generate sufficient returns to shareholders”.
As a result, FuboTV will close Fubo Gaming and cease all operations of the Fubo Sportsbook immediately.
“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,” FuboTV co-founder and chief ..