Fubo Gaming inks Ohio betting deal with Cleveland Cavaliers

Fubo Gaming is the latest sportsbook operator to show interest in the recently legalized Ohio sports betting market.

The company, which is a subsidiary of live TV streaming platform FuboTV, announced on Tuesday that it had secured market access in the Buckeye State through a partnership with NBA’s Cleveland Cavaliers.

The new agreement paves the way for Fubo Gaming to pursue a sports betting operator license and subsequently launch its new sportsbook in Ohio when the precinct rolls out its regulated market.

In addition to offering mobile betting in the state, the operator will team up with the Cleveland-based National Basketball Association team to open a 3,000-square-foot sports lounge inside Rocket Mortgage FieldHouse. The facility will serve as a game-day destination for Cavaliers fans, and those visiting the venue will receive special incentives and bonus offers from Fubo Sportsbook.

The terms of the contract further make Fubo Sportsbook the official sports betting partner of the Cleveland Cavaliers. This new agreement builds on an existing marketing partnership deal announced by the two entities in October.

Fubo Gaming hails new deal as ‘major step forward’

Announcing the agreement with the Cleveland Cavaliers, Scott Butera, president of Fubo Gaming, said that gaining market access in Ohio through the new partnership deal was a major milestone for the company.

The company joined the regulated US sports betting industry in November following the successful launch of its flagship mobile wagering platform, Fubo Sportsbook, in Iowa. The brand is also live in Arizona.

“The opportunity to enter the Ohio sports betting market with the Cavaliers as our partner is a major step forward for Fubo,” said Butera.

“Ohio has a passionate fan base who will enjoy Fubo’s uniquely integrated streaming and wagering sports betting experience. The Cavs are at the forefront of sports innovation and consistently create highly engaging fan experiences. This partnership provides Fubo instant access to a highly attractive customer base.”

The CEO of the Cleveland Cavaliers and Rocket Mortgage FieldHouse, Len Komoroski, also commented on the agreement, terming it as an “exciting evolution” of the team’s continued partnership with the operator.

“This is an exciting evolution of our continued partnership with Fubo Gaming,” stated Komoroski.

“The Fubo sportsbook mobile wagering platform provides leading technology, connectivity, and entertainment that aligns perfectly with our commitment to innovation and engagement across every aspect of the fan experience. We look forward to the continued collaboration with Fubo as we work to establish a best-in-class sports betting marketplace to offer our fans in Cleveland and throughout the state of Ohio.”

Which other sportsbooks are coming to Ohio?

With a population of nearly 12 million people and eight major league sports teams, the Buckeye State is poised to be one of the country’s largest sports betting markets when it launches the industry.

Ohio legalized the activity in January, paving the way for casinos, racinos, and professional sports franchises based in the state to operate to team up with national operators to launch sportsbooks.

Under the Ohio sports wagering law, each of the four casinos and seven racinos in the jurisdiction is allowed to deploy two online sportsbooks brands. Sports franchises like the Cleveland Cavaliers, on the other hand, are allowed one online skin each.

The state is set to launch the market no later than January 1, 2023, although there is a strong likelihood that Ohioans will have legal sportsbooks by the start of the 2022/2023 NFL season in September.

Among those who are expected to launch in the jurisdiction when the industry gets off the ground is Penn National Gaming’s Barstool Sportsbook, given that the company owns two casinos and two racinos in the state. BetMGM, TwinSpires, Hard Rock, and Caesars are also expected to join the market since their parent companies already own at least one eligible venue.

Other brands with market access agreements in Ohio include FanDuel (Boyd Gaming), DraftKings (Penn National), Unibet (Penn National), and Wynn Resorts’ WynnBet.