A while back we announced that Fubo, the popular sports TV app, would launch their own sportsbook. Of course, why not? Everyone is getting into the sportsbook game these days. Yahoo, MGM, Barstool, you name it.
But Fubo Sportsbook app has recently faced a serious setback. Their app has been down and players are unable to cash out.
Jennifer Press, senior vice president of communications for Fubo TV, told the Action Network: “Effective immediately, Fubo Sportsbook is no longer taking bets. We are working with necessary parties to make sure players and their existing accounts will be appropriately handled . I don’t have any further information to share at this time.”
Brian Ohorilko, an administrator with the Iowa Racing and Gaming Commission also commented on the matter: “They indicated apps would be shut down for a brief period of time while they disabled the ability to bet, then users will have 30 days to withdraw funds and and checks will be mailed for future bets. We’re trying to figure out how long that brief period of time is,”
Fubo SB app apparently has $150K of Iowan resident’s money at the time of the publication.
Update: Despite the mixed signals in the information above, the sportsbooks appears to be shutting down completely after FUBO faces a $100M loss in quarter 3 of this year.
“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,” FuboTV co-founder and CEO David Gandler said. “Therefore, we have made the difficult decision to exit the online sports wagering business effective immediately.”