Today, highly popular growth stock FuboTV (NYSE:FUBO) closed the day more than 6% higher. Indeed, investors in FUBO stock have continued to buy into this leading streaming play in a big way in recent weeks. Since hitting a low of around $25 per share this month, shares of FUBO stock have rebounded more than 15% to close out August.
The allure behind FuboTV has mostly been around the company’s live sports-streaming platform. Amid a rather robust cord-cutting catalyst, FUBO stock has soared in recent years. Following the company’s initial public offering (IPO) in 2019, investors could pick up shares of FUBO stock for under $5 per share. Thus, this stock has proven to be a six-bagger in just two years’ time for many patient investors.
However, FuboTV has transformed its business model into more than just live sports. The company now offers a surprising breadth of content. This spans its own premium content as well as integrated wagering. It’s the latter business segment that has investors excited today.
Let’s dive into what’s moving FuboTV today.
FUBO Stock Higher on Iowa Sports Betting Approval
Today, FuboTV announced that its subsidiary, Fubo Gaming, had been approved for a license to offer advance deposit online sports wagering in Iowa.
This announcement comes via a market access agreement with Casino Queen. The company hopes to leverage this market access agreement to launch its mobile Sportsbook (Fubo Sportsbook) by Q4 2021.
The integration of sports wagering and live streaming is a novel idea. And FuboTV stands to be the first in this industry to do so. Accordingly, investors seem to like the untapped (and relatively unknown) potential this combination brings.
By understanding viewers’ preferences, FuboTV believes the company can cater gaming offers more accurately to its clientele. Thus, investors in FUBO stock are pricing in that an active, engaged audience of sports enthusiasts will open their pocketbooks and place a bet.
To be sure, FUBO stock is an intriguing bet today. How successful this program will be remains to be seen. However, the allure FUBO stock provides is hard to miss.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.