Online streaming service Fubo inches nearer to Iowa debut following acquisition of ADW authorization.
Fubo Gaming, a growing player in the sports wagering industry, announced on Tuesday that it has received approval from the Iowa Racing and Gaming Commission to offer advanced deposit online wagering. This significant milestone brings Fubo Sportsbook a step closer to entering the Iowa market, often referred to as the Hawkeye State.
Fubo had already established market access in Iowa through Casino Queen in Marquette, following its acquisition of Vigtory in January. The news of ADW approval sent Fubo's stock soaring, reaching $28.75 shortly after 10 a.m. EDT on Tuesday, after closing at $27.54 the previous day.
Scott Butera, President of Fubo Gaming, expressed excitement about entering the mobile sports betting market, particularly in Iowa. "We are thrilled to commence this journey in Iowa," Butera said in a statement. "We are grateful to the IRGC and Casino Queen for their invaluable role in helping us achieve this milestone and bring our sportsbook to Iowa sports enthusiasts."
Butera also highlighted that Fubo Sportsbook aims to provide an enhanced sports entertainment experience, fostering increased interaction and engagement between sports viewing and betting. He added that the company is collaborating with regulators in other markets to innovate the gaming space.
Fubo Sportsbook remains on track for a fourth-quarter launch in Iowa. Once launched, all 19 casinos in the state will offer online sports wagering, as Casino Queen is the only venue currently not providing any sports betting.
Since the elimination of the in-person registration provision for mobile sports wagering at the start of the year, Iowa bettors have shown a growing preference for online betting, contributing to a record $887.9 million in handle for 2021. Over 86% of this total handle, amounting to $762.9 million, was generated online.
On Monday, Fubo also secured market access in Arizona via the Ak-Chin Indian Community. The community was awarded one of the state's ten tribal licenses by the Department of Gaming, and sportsbooks in Arizona are poised to start acceptance of deposits in preparation for a Sept. 9 launch date for wagering.
Fubo's ongoing growth in streaming sports content and strategic partnerships indicate a widespread expansion strategy. While the search results do not provide an exhaustive list of all states where Fubo Sportsbook is pursuing approval, it is likely that Fubo is looking to enter more regulated sports betting markets in the US. For the most accurate and up-to-date information on the states where Fubo Sportsbook is approved or planning to launch, it is recommended to refer to the company’s official releases or state gaming commission announcements.
Fubo Gaming is collaborating with regulators in various markets to innovate the sports betting industry, as demonstrated by their recent approval for advanced deposit online wagering in Iowa. With this approval, Fubo Sportsbook aims to provide an enhanced sports entertainment experience to Iowa's sports enthusiasts, offering a variety of sports bets, such as the line for upcoming games in the sports wagering market.
