Shares of live TV streaming platform fuboTV Inc. (FUBO) jumped 4.1% to close at $30.95 in extended trade after the company announced that its subsidiary, Fubo Gaming, has received a Management Services Provider Certification from the Arizona Department of Gaming (ADG) to offer mobile event wagering.
The offering, which will be provided through a market access agreement with the Ak-Chin Indian Community, follows the recent wagering approval received in Iowa by the company. Notably, this approval also takes the company closer towards the launch of its mobile sportsbook, Fubo Sportsbook, which remains on track to go live in the fourth quarter of 2021.
President of Fubo Gaming, Scott Butera, said, “The license award in Arizona is an important strategic step as we aim to bring our integrated Fubo Sportsbook to the passionate sports fans of Arizona. I’d like to thank our partners at the Ak-Chin Indian Community, who are leaders in the Arizona gaming community, for helping us achieve this milestone today.” (See fuboTV stock chart on TipRanks)
Recently, Barrington analyst James Goss reiterated a Buy rating on the stock with a price target of $37. The analyst’s price target implies upside potential of 24.5% from current levels.
Consensus among analysts is a Strong Buy based on 6 Buys and 1 Hold. The average fuboTV price target of $43.86 implies upside potential of 47.5% from current levels.
fuboTV scores a “Perfect 10” from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained 206.5% over the past year.
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