FuboTV, a sports-focused live TV streaming service, has acquired Balto Sports in a move to bolster its position in the online sports wagering market.
The companies did not disclose the terms of the deal.
Balto Sports is a startup that develops tools for users to organize and play fantasy sports games. FuboTV said it intends to use its own proprietary technology along with Balto’s contest automation software to launch a free to play gaming offering.
As part of the deal, Balto’s team will join fuboTV and help with the company’s expansion into both free to play gaming and online sports wagering.
“As we said in our third quarter earnings announcement last month, fuboTV sees the online wagering space as complementary to our sports-first live TV streaming platform,” said fuboTV CEO David Gandler in a statement. “We believe there are significant synergies between consumers who enjoy wagering and our subscribers who enjoy streaming live sports, creating a flywheel opportunity. As we’ve previously expressed, one of our goals with wagering is to expand our total available market (TAM) by developing another important revenue stream for fuboTV, as we are doing with our growing ad sales business.”
Gandler said that after launching the free to play experience, he sees a “natural progression to layer on real money wagering in regulated markets,” which he said will complement fuboTV’s live streaming video.
“We will be strategic in our approach to wagering as we consider and evaluate different opportunities and will adjust our plans accordingly. We’re excited to launch sports wagering, integrate it into our core offerings and deliver what we believe will be a truly groundbreaking live TV streaming platform to consumers.”