Sports-first live TV streaming platform fuboTV Inc. on Tuesday said it has executed a binding letter of intent to acquire sports betting and interactive gaming company Vigtory.
The two companies said the deal is subject to the execution of a definitive acquisition agreement and other closing conditions. If all agreements are reached, the acquisition is expected to close in Q1 this year.
Terms were not disclosed.
fuboTV said it intends to leverage Vigtory’s sportsbook platform and digital gaming assets, and its consumer-driven betting technology to launch a sportsbook before the end of the year.
Vigtory has a market access agreement in Iowa through Casino Queen and has been in discussions for licenses in the eastern part of the US.
Vigtory was founded in 2019 by Sam Rattner and is backed by SeventySix Capital. Scott Butera (pictured), former president of interactive gaming at MGM Resorts International and part of the launch of BetMGM, joined Vigtory as Rattner’s co-CEO in 2020.
Under the proposed acquisition, Butera and Rattner will join fuboTV’s gaming division as president and COO, respectively.
By leveraging the Vigtory and Balto acquisitions, fuboTV said it intends to launch a sportsbook app, and it expects to integrate the sportsbook into its live TV streaming platform.
“We believe online sports wagering is a highly complementary business to our sports-first live TV streaming platform,” David Gandler, co-founder and CEO, fuboTV, said in a statement.
“The addition of Vigtory to fuboTV is a pivotal event in the sports entertainment industry,” said Butera. “As sports fans increasingly desire interactive sports events, sports betting and related businesses such as iGaming and free-to-play contests have become a critical component of fan engagement.”
Rattner added, “To have the unique opportunity of integrating Vigtory’s digital betting applications into live streaming, a leading vertical in how fans consume sports, is an unprecedented opportunity in the digital gaming market.”