What happened
Shares of fuboTV (FUBO 0.72%) ended the week down 9.9%, but it could have been much worse for the livestreaming sports TV platform, as shares had been down nearly 15% at one point.
fuboTV was able to battle back, however, by announcing it had signed another market access agreement for its forthcoming sportsbook. It is the fourth state fuboTV is expected to enter when it launches Fubo Sportsbook in the fourth quarter.
Image source: Getty Images.
So what
Although fuboTV has proved to be very successful with its sports programming, the livestreaming is looking to amp up the opportunity by cashing in on the growing sports betting phenomenon.
Since sports wagering was legalized in 2018, it has spread to 21 states and the District of Columbia, and legislation is pending in eight more. Only eight states, in fact, have not introduced any legislation to legalize sports betting within their borders. That gives fuboTV plenty of runway to grow as it spreads further.
Now what
There was no company-specific news to drive fuboTV's stock down this week, but gaining ground as it did following getting access to the Pennsylvania market -- joining its access agreements in Indiana, Iowa, and New Jersey (the largest market for sports betting in the country by far) -- shows investors are looking for a reason to bid this streaming stock higher.
fuboTV will partner with The Cordish Companies, owner and operator of Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh.
The significance of the agreement is that it offers fuboTV not just sports betting, but also statewide access to mobile casino games as well, another potentially big growth opportunity that further diversifies fuboTV's revenue
