It was announced this week that Fubo has ceased all operations related to mobile sports betting as part of its strategic alignment in order to recover from massive losses incurred last quarter.
This comes as a bit of a surprise, given that Fubo had plans to offer mobile wagering services in Ohio starting on January 1, 2023. Unfortunately, it seems that those plans have now changed.
While Fubo may be the most awaited sportsbook for some bettors, its absence in the Ohio sports gambling market may not be felt that much as numerous online sportsbooks will be available and some are already rolling out their respective early registration campaigns.
Fubo to Stop Mobile Sports Betting Unit
As the world of online gambling continues to expand, more and more companies are trying to get in on the action. Sports betting is one area that has seen a lot of growth in recent years, and online sportsbooks have been dominating the market. However, not all companies have been successful in this business.
Fubo, for example, is a company that has been struggling to make a profit since it was established last year. The company has announced that it will be shutting down all operations related to mobile sports wagering. The live sports TV streaming company suffered a significant $100 million in losses during the 3rd Quarter of the current, and it seems that they were not able to recover from them. The Fubo sportsbook had a $200K share in that total loss.
This announcement comes after the company announced that it is looking for potential buyers for the business unit. Several companies had shown interest in acquiring the sports betting business, including the infrastructure, but based on the company’s statement, “none of these opportunities would have allowed Fubo to lower its funding requirements and generate sufficient returns to shareholders.”
More Ohio Sports Betting Update
Despite the early exit of the Fubo sportsbook, online sports betting in Ohio is still in great shape as Top sportsbook operators like FanDuel, BetMGM, and DraftKings are expected to join the 2023 launch.
As per the updated list provided by the Ohio Casino Control Commission, FanDuel partnered with Belterra Park, BetMGM had an alliance with MGM Northfield Park, and DraftKings had Hollywood Casino Toledo as its proprietor partner.
These providers have also rolled out their respective early customer acquisition campaigns after the Commission announced the guidelines.
Meanwhile, retail sportsbooks like the JACK Casino are already in the last stages of construction of their sports betting facilities.