Benzinga | Oct 6, 2021 09:58AM EDT

FuboTV Announces Cleveland Cavaliers Sports Betting Partnership: What Investors Should Know

A sports focused streaming company is venturing into sports betting and announced its first NBA partnership Wednesday.

What Happened: Fubo Gaming, a segment of fuboTV Inc (NYSE:FUBO), is partnering with the Cleveland Cavaliers.

Under the terms of the deal, Fubo Gaming will be promoted through signage, a presence on the Cavaliers' television and radio programming and coverage on the Cavaliers' digital and social media channels.

Fubo Gaming will also launch Cavs Pick 'Em, a free-to-play live game.

Related Link: FuboTV Reports 2020 Revenue Up 83%, Lays Out Sports Betting Launch Timeline

What's Next: The partnership kicks off for the 2021-2022 NBA season.

Fubo plans to launch Fubo Sportsbook in the fourth quarter of 2021, pending regulatory approvals. Fubo has market access to sports betting in Arizona, Iowa, Pennsylvania, Indiana and New Jersey.

Ohio has not legalized sports betting but has pending legislation for approval.

FUBO Price Action: Shares are down 1% to $23.31 on Wednesday.