Fubo Gaming, the sports wagering unit of fuboTV (NYSE:FUBO), and Major League Soccer’s (MLS) Houston Dynamo Football Club have announced a sports betting partnership. The deal could be worth nearly $180 million and stands as the richest in MLS history.
The deal also includes the Houston Dash of the National Women’s Soccer League (NWSL). Under the terms of the accord, Fubo Gaming is the official sports wagering partner of the clubs, while fuboTV will be displayed on Dash and Dynamo training apparel for the 2022 season.
In conjunction with this agreement, Fubo Gaming inked a multi-year market access deal with the Club, pending legislation passing in the State of Texas to legalize sports betting,” according to a statement issued by Fubo Gaming and the Dynamo. “Following the passage of legislation, Fubo Gaming is expected to launch Fubo Sportsbook in the Lone Star State, pending the requisite regulatory approvals.”
Fubo Gaming’s Fubo Sportsbook is currently operational in Arizona and Iowa.
Lone Star Look
With mobile sports wagering now live and legal in New York, the “golden geese” of the regulated sports betting landscape in the US are California, Texas, and Florida – the three largest states.
In Florida, courts will decide the fate of a tribal-only mobile betting effort, while commercial operators are pushing to get a related initiative on the November ballot. In California, voters could have multiple sports betting proposals to decide on this November.
That leaves Texas. While Gov. Greg Abbott (R) signaled some support for sports betting, Lt. Gov. Dan Patrick (R) last year reiterated opposition to gaming expansion in the state, including, sports wagering and casinos. Patrick said a majority of the members of the Republican-controlled state senate are also against sports betting.
With sports wagering unlikely to be high legislative priority in the second-largest state this year, it remains to be seen how long it will take the Dynamo deal to pay off in earnest for Fubo Gaming. On the upside, there is considerable support for regulated sports betting in the state among owners of professional franchises, including Dallas Cowboys owner Jerry Jones.
“Although sports betting isn’t currently legal in the state of Texas, Dynamo and Dash fans will have the opportunity to interact with the Fubo brand throughout the upcoming 2022 season through marketing activations and brand visibility,” according to the statement.
Parent company fuboTV is a streaming entertainment firm, and it’s looking to leverage that expertise into sports betting success.
Last year, fuboTV acquired sports wagering firm Vigtory. It did so with the aim of rolling out a sportsbook app that could eventually be integrated into the streaming platform.
The company is looking to parlay its competencies in streaming into the fast-growing and potentially highly lucrative world of in-game betting. Shares of fuboTV slid more than nine percent today on volume that was more than double the daily average.
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