Some folks have called FuboTV’s pivot to Sports betting a pipe dream. There is evidence to show otherwise.
-Part of the investment thesis behind FuboTV is that it will have the competitive advantage of streaming and betting on the same platform. This synergy will allow it to grow faster than competitors and acquire customers for less.
-A landmark Supreme Court decision in 2018, which struck down the Professional and Amateur Sports Protection Act, opened the door for every state to regulate sports betting as they see fit.
-Sports betting is now legal in 31 states and 56% of the U.S. population resides in a state where betting on games is legal. Another 9 states have sports betting bills pending.
-According to research firm Eilers & Krejcik Gaming, total sports betting revenue in the U.S. this year to date is estimated at $1.24B to mark 360% Y/Y growth. Eilers & Krejcik Gaming forecasts revenue of $19.0B if all 50 states legalize sports betting.
According to an article in Feb from sportsbettingdime.com
“The future of sports betting in the United States looks bright in 2021 and beyond. Despite the sudden COVID-related suspensions of nearly all sports early in the year, 2020 saw explosive, sustained growth for legal sports betting, both in terms of market expansion in legal states and new legislation paving the path to regulated sports betting in additional locations.”
Full article below details some of the regulatory landscape: