In 2020, it seemed that New York-based virtual content provider fuboTV (NYSE:FUBO) was the talk of the town, and a hot item on the New York Stock Exchange. The buzz surrounding FUBO stock appears to have cooled off somewhat in 2021, though.
In fact, from Jan. 1 to mid-September, the share price had its ups and downs but went nowhere. Does this mean that it’s time to abandon ship and seek better returns elsewhere?
Not necessarily. First of all, 2020 was a tremendous year for FUBO stock holders and it’s perfectly normal and natural to have a period of consolidation now.
Just maybe, the market is preparing to take the stock on another rocket ride. It would only require a piece of good news — and there’s no shortage of good news lately for fuboTV.
FUBO Stock at a Glance
Some folks might suggest that FUBO stock is the playground of Reddit users. Could there be merit to this idea?
It’s true that the stock was pumped high in early 2021, even to the point of surpassing $52 on Feb. 1. During that time, the meme-stock phenomenon was in full effect.
So, it’s certainly possible that the short-squeeze mob took control of FUBO stock earlier this year.
They might stage another rally in the future, but these events are difficult to predict. Instead of obsessing over meme-stock prospects, we can view the situation as a value investor.
In mid-September, FUBO stock was around half-price compared to the early February peak.
Therefore, you may have an opportunity to buy the shares in hopes of doubling your investment at some point.
Only do this, though, if you truly believe in the company. To that end, let’s check on fuboTV’s recent progress, which, I think you’ll find, is considerable.
Eyeing the Hawkeye State
FuboTV is an up-and-comer in the i-gaming and sports betting markets.
In order to make progress in those markets, however, the company needs to get permission from regulators to conduct business legally.
And in the U.S., there’s a patchwork of various laws, rules and regulations that vary from one state to the next.
So, a win in one state isn’t make-or-break for fuboTV — but it’s certainly helpful as the company seeks to dominate the sports wagering market.
One recent coup for fuboTV, for example, occurred in the state of Iowa.
There, the Iowa Racing and Gaming Commission granted approval to fuboTV to offer advance deposit online sports betting within the state, through a market access agreement with Casino Queen.
Once this is launched, sports bettors in Iowa will have access to the “Watching Now” feature of Fubo Sportsbook.
This, in turn, should provide fans in the Hawkeye state with a seamless integration of sports wagering and live streaming.
One State at a Time
Upon the announcement of the progress in Iowa, fuboTV revealed that subsidiary Fubo Gaming had already obtained market access agreements in multiple states.
These include Pennsylvania, Indiana, New Jersey and Arizona.
And speaking of Arizona, fuboTV announced not long ago that Fubo Gaming has been granted a Management Services Provider Certification from the Arizona Department of Gaming.
With this, subject to certain additional regulatory approvals, Fubo Gaming will be able to offer mobile event wagering in Arizona through a market access agreement with the Ak-Chin Indian Community.
Just like in Iowa, the Arizona launch of Fubo Sportsbook will provide sports fans in the Grand Canyon state with access to the “Watching Now” feature. This way, they’ll be able to place bets in real time while they watch sports events.
The Bottom Line on FUBO Stock
Where will fuboTV and Fubo Sportsbook be next?
You never know which state might grant its sports fans access to the thrills of live streaming and online wagering.
Wall Street might not appreciate the opportunity here — at least, not yet.
In the meantime, feel free to consider a position in FUBO stock. Do some digging, and you should find plenty of reasons to bet on this fascinating company.
On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (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.
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