Fubo Sportsbook successfully cleared New Jersey’s gaming regulatory stage, and it announced yesterday it is now able to offer its proprietary 'Watch & Wager' feature to fans in the Garden State — just in time for the start of the NFL season.
By leveraging first-party data to understand viewing preferences and provide relevant bet recommendations, the app and its proprietary feature operate in real-time, exclusively from your iOS or Android device.
"An integrated wagering platform, offering both live video and a sportsbook, is, we believe, the best gaming experience for consumers," said David Gandler, co-founder and CEO, fuboTV. "Today’s launch marks an important milestone for Fubo Sportsbook. Our book is now available in three states, including one of the top wagering markets in the country."
In February, Fubo Gaming, a subsidiary of leading sports-first live TV streaming platform fuboTV Inc., announced that it had secured market access agreements for Fubo Sportsbook in Mississippi, Louisiana, and Missouri through Caesars Entertainment, Inc., bringing the total number of states Fubo has access deals with to 10 — and is now live in three states with the New Jersey launch.
New Jersey a big step for Fubo
New Jersey became the first state to clear the $10 billion yearly handle mark in 2021, taking in a total of $10.93 billion in legal sports betting revenue through its 20 available online sportsbooks and 12 available land-based sportsbooks. In January 2022, the state set an all-time single-month record in sports betting handle by taking $1.35 billion in wagers for the month.
"As one of the largest and most established sports betting markets in the U.S., New Jersey will allow Fubo to analyze and efficiently develop the most engaging product features focused on driving streaming customers into wagering," added Scott Butera, President of Fubo Gaming.
The newly established partnership with Caesars comes as a result of fuboTV’s Q2 2022 results announcement, wherein the sportsbook reported that despite an impressive year-over-year gain of 65%, the staggering rise in net losses (to $116.3 million) for the quarter was impeding Fubo’s ability to compete with the major operators.
It was made clear at that time that Fubo needed a major partner — like Caesars — to help steady its future growth and to help the relatively tiny Fubo compete with industry giants like FanDuel, DraftKings, and BetMGM for a modest slice of New Jersey’s massive handle pie.
US market owned by the big boys
In figures released in its July 2022 US Sports Betting Market Monitor, Eilers & Krejcik Gaming reported that the nationwide GGR (Gross Gaming Revenue) share was largely split between seven major players in the industry. Altogether, these seven sportsbooks account for 96.7% of the total U.S.GGR — leaving micro-players like Fubo struggling to justify their continued participation in the market.
FanDuel remained the biggest industry player with a whopping 46.6% share of U.S. GGR in 2021, followed by DraftKings at 20.2%, while BetMGM (14.1%) and Caesars (7.5%) trailed behind. The only other operators with a nationwide GGR share greater than 1% were BetRivers, Barstool Sportsbook, and PointsBet.
At this time last year, Fubo announced a multi-year partnership with the NFL's New York Jets — a first for the company. That partnership centered around creating the Fubo Sportsbook Lounge at MetLife Stadium and debuted at the beginning of the previous NFL season.
The lounge helped the Jets "prioritize engagement with [its] fan base, including the enhancement of their overall stadium experience on game day," according to Jeff Fernandez, Jets Vice President of Business Development and Ventures.
Whether or not that innovative co-branded partnership with the Jets, its proprietary "Watch & Wager" feature, and its partnership with Caesars will be enough to distinguish fuboTV from its behemoth counterparts is a conversation for this time next year.
As an added effort to grab market share in New Jersey, users who register with Fubo Sportsbook in the state can use the code "FUBONJ" to receive a Bet $20, GET $150 promo offer, and one month free of fuboTV.
