Shares of live TV streaming platform fuboTV Inc. (FUBO) jumped almost 6% on Tuesday to close at $29.35 after the company announced that its subsidiary, Fubo Gaming, received approval from the Iowa Racing and Gaming Commission (IRGC) to offer advance deposit online sports wagering within the state of Iowa.
Fubo Gaming will offer this feature through a market access agreement with Casino Queen. With this approval, fuboTV takes a step further in launching its mobile sportsbook, Fubo Sportsbook, which is likely to go live in the fourth quarter of 2021. Fubo Sportsbook will be launched with an aim to personalize the betting experience and combine data from both the betting and streaming platforms.
The President of Fubo Gaming, Scott Butera, said, “As we enter the mobile sports betting market, we couldn’t be more excited to kick off this journey in Iowa. We thank the IRGC and Casino Queen for being the perfect partner in helping us cross the goal line and bring this sportsbook to the passionate sports fans of Iowa.” (See fuboTV stock chart on TipRanks)
Recently, Barrington analyst James Goss reiterated a Buy rating on the stock with a price target of $37. The analyst’s price target implies upside potential of 26.9% from current levels.
Consensus among analysts is a Strong Buy based on 6 Buys and 1 Hold. The average fuboTV price target of $43.86 implies upside potential of 50.5% from current levels.
fuboTV scores a 9 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained 198.4% over the past year.
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