fuboTV Inc. (NYSE: FUBO), a sports-first live TV streaming platform, acquired Balto Sports, a company that develops tools for users to organize and play fantasy sports games.
Terms of the deal were not disclosed.
The acquisition marks fuboTV’s first move into the online sports wagering market, which is expected to reach $155 billion by 2024 according to Zion Market Research. The company intends to leverage its own proprietary technology along with Balto’s contest automation software to launch a free to play gaming offering.
In connection with the deal, Balto’s team will join fuboTV and will be instrumental in driving the company’s expansion into both free to play gaming and online sports wagering.
Balto Sports is a Y Combinator company that develops tools for users to organize and play fantasy sports games .
Led by David Gandler, co-founder and CEO, fuboTV is a sports-first live TV streaming platform offering subscribers access to tens of thousands of live sporting events annually as well as news and entertainment content. Its base package, fubo Standard, features a broad mix of 100+ channels, including 43 of the top 50 Nielsen-ranked networks across sports, news and entertainment.
The company merged with FaceBank Group in April 2020 to create a digital entertainment company, combining its direct-to-consumer live TV streaming platform with the latter’s technology-driven IP in sports, movies and live performances.