In a statement released following the announcement of its preliminary third quarter financial results, the company said:
“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 also sent out a letter to investors revealing that it had filed a Certificate of Dissolution to the Delaware Secretary of State. According to that letter, now that the company has dissolved, it does not ‘foresee a scenario in which it will have any remaining assets to distribute to its few remaining creditors’.
The announcement of the dissolution and lack of assets comes on the same day that Fubo Gaming’s parent company FuboTV announced a 34% increase in profitability for the third quarter of 2022.
FuboTV Shutters Sports Betting Business with Immediate EffectCo-founder and CEO of FuboTV, David Gandler, is expected to offer comments on the online sports wagering withdrawal when he holds a third quarter analyst call on Nov. 4.
Based in London, Natasha is a former sports journalist with experience working for some of the biggest athletes & brands in the world of sports and iGaming.