New Jersey Online Gambling Loses 2 Sites
Perhaps because New Jersey’s online gambling sites are entry points for most US operators testing their mettle here, the closures aren’t a huge surprise. However, of them in eight days? This requires a double take.
On October 17, Fubo Sportsbook ceased operations “with immediate effect”.
Today, Life.gg ended its tenure as the leading sports betting operator in the United States.
Fubo and Vie.gg sites will return user balances
Vie.gg users who noticed the site shutdown notice today also saw that they had more time to withdraw their money. The site that allowed bettors to bet on video games will soon leave its Bally’s Atlantic City Hotel and Casino licensing partnership.
The Online Gambling in New Jersey the operator notified bettors:
We have made the difficult decision to close Vie.gg. The site will remain open until November 1, 2022. Until then, you can log in to close your account. All accounts remaining open on that date will be automatically closed and any remaining balance of $1 or more will be returned by check, sent to the address on record on the applicable account.
Any further questions should be directed to Vie.gg customer support, who had been live in New Jersey for just over six month.
Meanwhile, Fubo, on the Harrah’s Resort Atlantic City license, gives sports bettors until November 17 to raise their funds.
The Fubo Sportsbook site says:
New Jersey customers can withdraw funds through Trustly, VIP Preferred (ACH) or by requesting a physical check.
New Jersey online gambling site Vie.gg explains
Vie.gg isn’t New Jersey’s only online gaming platform from its Malta-based esports betting and iGaming owner.
New Jersey online gamblers know Esports Entertainment Group (EEG) outside of Vie.gg. Brand EEG Takedown hosted a player vs. player sports betting event this year at Hard Rock Hotel and Casino Atlantic City.
In its recent earnings report with a deadline in Hoboken, the company explained recent cost reductions that went beyond the closure of Vie.gg.
EEG CEO Grant Johnson Told NJGamblingSites today:
[Regarding] NJ…esports has been categorized [the] same as sports. So the skin [costs] seven figures a year, which is good [sic] too much for esports in its current stage of evolving verticality.
If the market hadn’t turned so drastically, we planned to raise capital and then add a bookie. But by the time we were approved, it was clear the world had changed.
We are restructuring to last until more stable markets. [And] currently, New Jersey, Spain and the UK are all jurisdictions in which we do not have the capital required to remain active. So we reduce our consumption and put money back in the bank.
We live in stressful times and companies have to make difficult decisions. This falls into the difficult but necessary category.
Fubo Sportsbook debuted in Iowa
Fubo Sportsbook did not choose to test its abilities as a New Jersey online gambling operator. Instead, it first launched in Iowa in November 2021.
So, on October 17, sports betting in Arizona, Iowa and the Garden State closed.
For New Jersey, the shutdown came about a month after its September 7 launch.
Fubo TVa New York-based “sports-focused live TV streaming service” originally announced Fubo Sportsbook as a brand overseen by FuboTV’s subsidiary, Fubo Gaming.
Now Fubo Gaming and Fubo Sportsbook are gone.
FuboTV announced October 17:
Following our previously announced strategic review, we concluded that the continuation of Fubo Gaming and Fubo Sportsbook in this difficult macroeconomic environment would impact our ability to meet our longer-term profitability objectives. Therefore, we have made the difficult decision to exit the online sports betting business immediately.
FuboTV plans to give an explanation in its next earnings call on November 4.