The Arizona Department of Gaming will issue a Fubo license to bet365. As a result, the international gaming giant will make a foray into the Grand Canyon State, expanding its presence in the United States.
For the record, Fubo Sportsbook, a former Ak-Chin Indian Community Partner, ceased operations in Arizona after the parent company shut down the brand. The closure followed a strategic analysis of the division by Fubo, which found that none of the potential investors would give the brand the freedom it needed.
The license was obtained as part of an agreement with its rightful owner, the local Ak-Chin Indian tribe.
Under Arizona law, a total of 20 gambling licenses can operate in the state, half of which are owned by the Ak-Chin and the other half by local sports organizations. However, these legal owners can transfer their rights to other companies by agreement of the parties and ADG.
It is worth noting that Bet365 is now present in 7 US states: Arizona, Colorado, Kentucky, Iowa, Iowa, New Jersey, Ohio and Virginia. In Arizona, the bookmaker has taken the place of streaming company Fubo Sportsbook, which previously announced it was winding down its betting business.
This left Ak-Chin Indian Community without a partner, making way for bet365 to emerge. Earlier reports suggested that the former Fubo license would be transferred to either bet365 or Fanatics.
Bet365 will now have to launch in Arizona within 180 days of receiving the license.
There were two other sports betting licenses available in Arizona, but no suitable companies could be found during the application period.