Good bye, Fubo bet. Just weeks after its much-ballyhooed launch in New Jersey, Fubo Sportsbook has shut down. Here are our TOP 5 alternative sportsbook apps to use: bet365, Caesars, BetMGM app, BetRivers Sports, and Borgata app. Sign up, and use promo codes for free bet offers.
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What Happened to Fubo Bet?
Opened to significant fanfare in early September, Fubo Sportsbook was partnering with Caesars, through their Atlantic City-based Harrah’s Casino and entering into a seven-year agreement with the NFL’s New York Jets that was to include a 7,000-square-foot lounge at MetLife Stadium, featuring a full-service bar, live-action screens and incredible views of the Jets on-field action from the lounge’s outdoor patio. A mobile sports betting site was to be part of this facility.
Operated by the streaming site Fubo.tv, Fubo Sportsbook was billed as the first mobile sportsbook app to Integrate with a live TV streaming platform. “Launching Fubo Sportsbook in New Jersey is an important early step in the development of our integrated platform, which includes a recently improved user experience and enhanced product capabilities,” Scott Butera, president of Fubo Gaming, said in a statement at the time of the Fubo Sportsbook launch.
Barely seven weeks later, the platform took a pratfall. The Fubo Sportsbook was shut down in late October.
The decision was announced to shareholders during the company’s preliminary third quarter 2022 financial report.
“Following our previously announced strategic review, we have concluded that continuing with Fubo Gaming and Fubo Sportsbook in this challenging macroeconomic environment would impact our ability to reach our longer term profitability goals,” the company said in a statement.
While New Jersey has proven to be a cash cow in terms of mobile sports betting apps, the reality was that the Fubo Sportsbooks was a late arrival after purchasing and rebranding the Vigtory Sportsbook. The pie was already sliced into a number of different pieces and there was really only crust left to be consumed.
“Following our previously announced strategic review, we have concluded that continuing with Fubo Gaming and Fubo Sportsbook in this challenging macroeconomic environment would impact our ability to reach our longer term profitability goals,” David Gandler, co-founder and CEO of Fubo.tv, said in a statement.
During its first month of operation, the entire online and mobile revenue generated by New Jersey sportsbooks was $98 million. However, only $71,885 was garnered by Harrah’s split between Fubo Sportsbook and Prophet Exchange, the two licensees operating with Harrah’s.
5 Best Sportsbooks to Substitute Fubo Bet in New Jersey
Yes, you can stream and watch sporting events in HD quality.