Fubo Gaming announced Tuesday that it had received approval from the Iowa Racing and Gaming Commission to offer advanced deposit online wagering, a critical step towards offering sports wagering in the Hawkeye State.
Fubo has had market access in Iowa via Casino Queen in Marquette since its acquisition of Vigtory in January. The announcement of ADW approval propelled Fubo stock to early gains Tuesday, reaching $28.75 shortly after 10 a.m. EDT after closing at $27.54 on Monday.
“As we enter the mobile sports betting market, we couldn’t be more excited to kick off this journey in Iowa,” Fubo Gaming President Scott Butera said in a statement. “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.
“We believe Fubo Sportsbook will provide an elevated sports entertainment experience that will bring increased interaction and engagement between sports viewing and betting. We are working with regulators in additional markets as we aim to truly innovate the gaming space.”
The company added that it remains on track for a fourth-quarter launch of Fubo Sportsbook. When Fubo does launch in Iowa, it means all 19 casinos in the state will be offering online sports wagering, as Casino Queen is currently the lone venue not offering any sports betting.
Since the in-person registration provision to obtain access to mobile sports wagering ended at the start of the year, bettors in Iowa have turned to online betting more while increasing handle. Iowa has generated $887.9 million in handle in 2021, with nearly 86% of that total ($762.9 million) originating online. From the August 2019 launch through December 2020, online betting accounted for 66.5% of the overall $787.5 million handle in Iowa.
Fubo primed for multi-state mobile launch
The AZ agreement via The Ak-Chin Indian Community marks Fubo Gaming’s 5th market for its forthcoming @FuboSportsbook. Launch is on track for Q4 pending regulatory approvals in each market. https://t.co/CRGq7YkFcr
— fuboTV PR (@fuboTV_PR) August 27, 2021
The approval for ADW online deposits in Iowa comes one day after Fubo finalized market access in Arizona via the Ak-Chin Indian Community to offer online wagering. The Ak-Chin was awarded one of the state’s 10 tribal licenses from the Department of Gaming, and sportsbooks in Arizona are currently accepting deposits ahead of a Sept. 9 launch date for wagering.
During its second-quarter earnings report earlier this month, Fubo offered a preview of its interactive “Watching Now” feature, which integrates mobile sports wagering with its live-TV sports streaming. Fubo also has market access in both Indiana and New Jersey via Caesars Entertainment and in Pennsylvania through The Cordish Companies.