Fubo Sportsbook was looking to revolutionize the modern sports betting industry. The mobile betting platform would combine basic sports wagering with live streaming, making for an all-in-one experience that’s ideal for the modern sports bettor. However, the idea never fully crystalized, despite launching in New Jersey, Iowa, and Arizona. It was recently announced that Fubo Gaming and Fubo Sportsbook will be shut down as the company moves away entirely from the gambling industry.
While it’s unfortunate that the innovative concept never fully made the next step, it’s easier said than done trying to compete with the top sports betting operators on the market such as DraftKings Sportsbook, Caesars Sportsbook, BetMGM Sportsbook, and FanDuel Sportsbook. Let’s take a look at what happened with the shutdown of Fubo Sportsbook.
Fubo Sportsbook Officially Shutting Down
While there was plenty of potential for Fubo Sportsbook, it looks like we’ll never get to see the concept grow. FuboTV has officially announced that both Fubo Gaming and Fubo Sportsbook will cease operating, with customers still able to withdraw from their betting accounts. Although the online sportsbook was only available in three states, it had its sights set on plenty of different betting markets throughout the U.S., as seen with its professional partnerships with teams and sporting leagues. It will definitely be interesting to see if any other top sports betting sites attempt to replicate Fubo Sportsbook’s idea for an all-in-one betting experience in the future.
Company boasted opportunity to allow bettors to pair up TV with Fubo Sportsbook app to offer real time live betting information as games unfold.
— Darren Rovell (@darrenrovell) October 17, 2022
What About Fubo Sportsbook Partnerships?
One interesting wrinkle to this story is the amount of partnerships that Fubo Sportsbook had planned as the sports betting site looked to expand across the U.S. One interesting partnership the team made was with the MLS Houston Dynamo franchise. The state of Texas still doesn’t allow for any legal sports betting at the moment, making it an interesting decision when Fubo Sportsbook was still active. The online sports betting app also had a partnership with NASCAR, joining other betting operators such as BetMGM Sportsbook, Barstool Sportsbook, and DraftKings Sportsbook.
However, one partnership that had great potential was between the Cleveland Cavaliers and Fubo Sportsbook. The deal between the two included the opening of a sports betting lounge at Rocket Mortgage FieldHouse, where the Cavaliers host visiting teams. With Ohio sports betting launching on New Year’s Day and plenty of other mobile sportsbooks expanding into the state, expect the Cleveland Cavaliers to quickly search for a new online betting partner.
Fubo's announcement that it will cease sports betting operations has an impact, interestingly, on the Cleveland Cavaliers.
The Cavaliers had partnered with Fubo Sportsbook to run their Ohio online sports betting services. It's unknown how this will affect their application.
— RLinnehanXL (@RLinnehanXl) October 18, 2022
Sports Betting Industry Getting Increasingly Cutthroat
The shutdown of Fubo Sportsbook shows that starting a sports betting platform is no easy task. Most of the top operators were slowly built over the years in the betting world, with FanDuel Sportsbook and DratKings Sportsbook gaining popularity as daily fantasy sports sites in the 2010s while BetMGM Sportsbook and Caesars Sportsbook come from major gambling brands in MGM Resorts International and Caesars Entertainment respectively.
These four sports betting operators are seen as the market leaders in the industry, with more growth on the horizon as Ohio, Massachusetts, and Maryland roll out online sports betting. With Twinspires Sportsbook and Fubo Sportsbook both halting operations this year, it shows just how competitive modern sports betting has become.