Mobile sports betting is expanding in more states as a fledgling sportsbook takes on market leaders FanDuel and DraftKings (DKNG) by signing a new gambling agreement with Caesars Entertainment.
Fubo Gaming, a subsidiary of live television streaming platform fuboTV (FUBO), on Feb. 10 signed a secured market access agreement with Caesars for its new gaming enterprise Fubo Sportsbook in Mississippi, Louisiana and Missouri, according to a statement. The contract is Fubo Gaming's second with Caesars, as it signed an agreement in March 2021 for access in New Jersey and Indiana.
Fubo also has other market access agreements in Arizona, Iowa, Ohio, Pennsylvania, and Texas. Its Pennsylvania agreement is with The Cordish Cos.
The agreements allow Fubo Sportsbook statewide mobile access for sports betting, subject to obtaining required regulatory approvals and enactment of legislation.
“We are pleased to have the opportunity to extend our relationship with Caesars Entertainment as we expand access to Fubo Sportsbook across key markets in the U.S.,” Scott Butera, president of Fubo Gaming said in the statement. “Mississippi, Louisiana and Missouri all have passionate fan bases, particularly around college athletics, who will embrace our unique, immersive sports and wagering entertainment platform.”
Fubo Sportsbook went live in Iowa in November and Arizona in December for people age 21 or older.
Image source: The Street.
Sportsbook Awaits Legalization in Two States
Online sports betting is legal in eight of the states that Fubo has access agreements -- Arizona, Indiana, Iowa, Louisiana, Mississippi, New Jersey, Ohio and Pennsylvania.
The Missouri state legislature has introduced sports betting legislation. If the legislation is signed into law, betting could begin in the fall. Sports betting is not legal in Texas, though legislators have been introducing legislation for over 10 years.
Fubo Sportsbook gamblers can place wagers without a fuboTV subscription. Those who have a subscription, however, can use TV Sync, which syncs the sportsbook app to a live game on the service.
FuboTV offers subscribers a live streaming platform for more than 100 live sports, news and entertainment networks in the U.S., Canada, Spain and France.
Fubo Takes on FanDuel and DraftKings
Fubo's agreement with Caesar's ups the ante of its competition against mobile sports gambling leaders FanDuel and DraftKings, which are estimated to hold a combined market share of 65% of the digital betting industry.
A December survey by Morning Consult found that 78% and 73% of respondents were familiar with DraftKings and FanDuel, respectively. And 65% were familiar with Caesars. Of course, Fubo Sportsbook was just getting started when the survey was released.
The survey also revealed that about 61% of bettors use DraftKings, 56% use FanDuel and 40% use Caesars.
