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FuboTV Ceases Operations of Fubo Sportsbook, Announces Preliminary Q3 2022 Results

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FuboTV Inc., the leading sports-first live TV streaming platform, announced its preliminary third quarter 2022 results. Revenue and subscriber growth for North America (NA) are expected to exceed previously issued guidance.

The company is expected to close the third quarter 2022 with NA revenue of at least $210 million, an increase of approximately 34% year-over-year, and Rest of World (ROW) revenue of at least $5.5 million. Prior third quarter revenue guidance for the NA streaming business was $200-205 million and $5-6 million for ROW. ROW includes Molotov, the French live TV streaming service acquired by FuboTV in December 2021.

Paid subscribers in NA for the third quarter are expected to exceed 1,220,000, an increase of more than 27% year-over-year, with ROW paid subscribers expected to reach approximately 350,000. Prior third quarter paid subscriber guidance was 1,135,000-1,155,000 for NA and 340,000-360,000 for ROW.

FuboTV states its key metrics on a year-over-year basis given the seasonality of sports content.

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Additionally, the company expects to post approximately negative $100 million of Adjusted EBITDA (AEBITDA) in the third quarter. Fubo’s balance of cash and cash equivalents at the end of the quarter is expected to be at least $300 million.

FuboTV’s expected preliminary results demonstrate a continued progression towards the company’s 2025 profitability targets. Given these goals, the company has now completed its previously announced strategic review of the Fubo Gaming business. While multiple parties expressed interest in the business, none of these opportunities would have allowed Fubo to lower its funding requirements and generate sufficient returns to shareholders. As a result, FuboTV will close its Fubo Gaming subsidiary and cease operation of its owned-and-operated Fubo Sportsbook effective immediately.

“FuboTV’s strong preliminary third quarter 2022 results reflect meaningful advancements against our continued mission to profitably scale a leading global live TV streaming platform differentiated by the greatest breadth of premium content and interactivity,” said David Gandler, co-founder and CEO, FuboTV. “We expect to deliver strong revenue and subscriber growth in Q3, exceeding our previously issued guidance in North America, against the backdrop of a highly competitive operating environment. We’re pleased with this expected performance, and our progress toward achieving our positive cash flow target in 2025. 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. Therefore, we have made the difficult decision to exit the online sports wagering business effective immediately. We look forward to providing more color, as well as discussing our full third quarter 2022 results and full year outlook, on our November 4 earnings call.”

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Fennica Gaming Granted Supplier License for Ontario Market

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Fennica Gaming has announced that it has been granted a gaming supplier license in Ontario, Canada. This milestone marks a significant step in the company’s expansion strategy, allowing it to offer its cutting-edge gaming experiences to gaming operators in one of North America’s most dynamic regulated markets.

The supplier license, granted by the Alcohol and Gaming Commission of Ontario (AGCO), enables Fennica Gaming to introduce its portfolio of entertaining and high-quality games to gaming operators across the province. This registration empowers Ontarian operators, whether online or land-based, to access the omnichannel offerings developed in the Nordics.

“We are thrilled to receive our B2B supplier license in Ontario and to offer our advanced gaming solutions to operators in the region. After a thorough application process, we can now proudly and prominently display our registration and achievement. We have followed the market in North America for a long time and Ontario is an excellent example of market that is well organized. It represents an exciting market with immense potential, and we are committed to delivering secure, entertaining, and trustworthy gaming experiences tailored to local preferences,” Timo Kiiskinen, Managing Director of Fennica Gaming, said.

Fennica Gaming’s Nordic gaming experience and heritage as an omni-channel gaming operator through its parent company Veikkaus offers a broad range of entertainment for Ontarian operators with a player-first attitude. This registration supports Fennica Gaming’s commitment to a sustainable industry, enabling operation in compliance with Ontario’s local regulatory framework.

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Canada

GeoComply welcomes Kip Levin as CEO, driving customer-focused innovation and growth

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GeoComply, the global leader in geolocation security and fraud prevention, today announced the appointment of Kip Levin as its new Chief Executive Officer, effective Tuesday, March 4th. This strategic move reinforces GeoComply’s commitment to delivering cutting-edge solutions and driving success for its customers.

Kip Levin brings a wealth of experience to GeoComply, having served in various senior leadership roles at Flutter Entertainment over the past decade including CEO of the US business and President of FanDuel. Prior to that he spent 12 years at Ticketmaster where he led the product and ecommerce teams and oversaw the company’s expansion into mobile and resale. His proven track record in driving growth and innovation within dynamic, technology-driven markets positions him to enhance GeoComply’s ability to serve its customers.

This transition allows co-founder Anna Sainsbury to step into the role of Executive Chairman, where she will focus on strategic vision and governance, ensuring GeoComply continues to anticipate and meet the evolving needs of its customers. Co-founder David Briggs will shift his focus to Product and Innovation, leveraging his expertise to drive cutting-edge solutions as he moves from his previous role as CPTO.

“We are thrilled to welcome Kip Levin to GeoComply,” said Anna Sainsbury, Executive Chairman. “His extensive experience and strategic vision are perfectly aligned with our commitment to delivering exceptional value to our customers. I am confident that under his leadership, GeoComply will continue to innovate and expand its global footprint, ensuring we remain at the forefront of geolocation security and fraud prevention. This transition enables me to dedicate more time to our long-term strategic direction, focusing on how we can better serve our partners.”

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Kip Levin expressed his enthusiasm for joining GeoComply, stating, “I am incredibly excited to join GeoComply, a company with a strong reputation for innovation and a commitment to customer success. The opportunities in this space are immense, and I look forward to working with Anna, David, and the entire GeoComply team to build on the company’s success and drive further growth for our clients. My experience in scaling businesses and driving product innovation will be instrumental as we navigate the evolving landscape of geolocation technology, ensuring we provide our customers with the most reliable and effective solutions.”

David Briggs, focusing on Product and Innovation, added, “With Kip joining us, I am eager to dedicate my full attention to driving innovation and developing groundbreaking solutions that directly address our customers’ challenges. This is an exciting time for GeoComply, and I am confident that our combined expertise will enable us to deliver even greater value to our clients, strengthening our partnerships.”

GeoComply is poised for continued success as it leverages Kip Levin’s leadership and the founders’ renewed focus on strategic vision and innovation. The company remains committed to providing its clients with the most reliable and advanced geolocation security and fraud prevention solutions, acting as a trusted partner in their success.

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BCLC Reminds Public to be Cautious of Illegal Online Casino Scams

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BCLC has reminded the public to be cautious of a series of social media scams that imitate B.C. casinos and trick individuals into providing their financial details on illegitimate websites.

Highly deceptive, these scams share fraudulent posts and advertisements exploiting the logos, names, and exterior images of local B.C. casinos, and may claim to offer players exclusive bonuses and promotions if they register with their website or mobile application. BCLC warns that none of these sites are associated with casinos in B.C. or BCLC.

PlayNow.com is the only online gambling website permitted to operate in B.C. BCLC’s official apps are BCLC Lotto!, PlayNow Poker BC, and PlayNow BC Sportsbook. All BCLC-operated social media accounts, such as BCLC, PlayNow BC, PlayNow Sports, Lotto BC and Casinos BC, are verified with a checkmark.

While BCLC and its casino partners continue to work on having the posts removed, British Columbians should stay vigilant when it comes to these predatory and sophisticated scams.

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To protect themselves, individuals are encouraged to:

• Be on alert when a website or app asks for personal or financial information. BCLC’s verified websites and apps will never ask for your social insurance number (SIN), banking information or credit card details online to claim a prize from a B.C. casino.

• Carefully check the URL and domain of the website to verify its legitimacy. Often, scammers will use a similar URL and domain to legitimate websites with a minor spelling difference.

• Always verify the company and its services are real before providing any personal information.

• Look out for other red flags, such as the suggestion of fees or taxes to be paid on a prize. There are no fees or taxes on prizes won in Canada.

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If individuals feel unsure about an account, post or advertisement claiming to represent a B.C. casino, they can contact BCLC directly by calling the Customer Support Centre at 1-866-815-0222, or using the live chat resource on corporate.bclc.com or PlayNow.com.

The post BCLC Reminds Public to be Cautious of Illegal Online Casino Scams appeared first on Gaming and Gambling Industry in the Americas.

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