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FuboTV Stock Rises on New York Jets Partnership

Fubo Sportsbook marks its first sponsorship with a professional sports team -- the National Football League's New York Jets..

FuboTV  (FUBO) - Get FUBOTV INC. Report moved higher Wednesday after the New York Jets unveiled a multiyear partnership with the sports-streaming company's Fubo Sportsbook.

The New York company becomes the football team's official sports betting partner.

The agreement marks the first sponsorship of a professional sports team for Fubo Sportsbook, which is expected to launch in the fourth quarter.

Fubo Sportsbook is intended to integrate gambling and FuboTV's live sports offerings.

In addition to the partnership, the company said the Fubo Sportsbook Lounge at MetLife Stadium is set to debut during the 2021-22 NFL season for the Jets' home opener on Sept. 19.

The roughly 7,000-square-foot lounge will be open to ticketholders 21 and over.

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"The Fubo Sportsbook is designed to meet the increased demand for interactivity by integrating real-time sports streaming with personalized wagering experiences," Scott Butera, president of FuboTV's subsidiary, Fubo Gaming, said in a statement. 

"The Fubo Sportsbook will also have the ability to leverage first-party data to understand viewing preferences and provide relevant bet recommendations.”

FuboTV shares have wavered on Wednesday. At last check they were marked 2.3% lower at $28.91.  

Fubo Sportsbook also has the presenting rights to the Jets' mobile app. It is the team’s first legal sports betting partner to leverage the Jets’ new advertising data partnership with Sportradar, a Switzerland-based company that collects and analyses sports data. 

Sportsradar filed with the SEC Tuesday to raise up to $532 million in an initial public offering on the Nasdaq.

Last month, Sportradar, and online sports betting titan FanDuel Group unveiled an extension of their partnership, which makes Sportradar the chosen data or odds supplier for U.S. sports to FanDuel through 2028.

FuboTV recently posted better-than-expected second-quarter results and boosted full-year revenue and subscriber forecasts.

Meanwhile British gaming group 888 Holdings said Tuesday that it is in advanced discussions with Caesars Entertainment  (CZR) - Get Caesars Entertainment Corporation Report to buy the non-U.S. operations of bookmaker William Hill.