• FuboTV is reviewing its sports betting business less than a year after it launched the Fubo Sportsbook.
• It comes after the company announced on August 2 that it would be laying off staffers.
• The shift was announced as FuboTV reported Q2 earnings on August 4.

FuboTV is putting its wagering business "under strategic review" less than a year after launching its sportsbook, the company said in a shareholder letter on August 4.

"We have concluded that we will no longer pursue this opportunity on our own," the company said in the letter. "Accordingly, our interactive wagering business is under strategic review. We are in internal and external discussions to determine the best path forward for Fubo's gaming business and look forward to sharing more information."

The streaming-TV provider launched in November the Fubo Sportsbook through its gaming division after acquiring in March 2021 the operator Vigtory.

The wagering platform sold itself as the first owned-and-operated live TV streaming-integrated mobile sportsbook in the US. It first launched in Iowa and later went live in Arizona, while securing deals in eight other states including Texas and Pennsylvania. FuboTV said in the August 4 shareholder letter that it's still on track to launch in New Jersey by the 2022 football season.

Nevertheless, FuboTV is shifting its strategy.

The news comes after FuboTV announced on August 2 that it would be having a "small workforce reduction" effective August 15 due to the economic downturn. 

CEO David Gandler told staffers in a memo announcing the layoffs that the company would be "focusing more on fewer priorities" to "increase our productivity on what truly moves the needle for the company."