Flutter Entertainment and Fox Corporation Close FOX Bet Platform
LISTEN TO THIS ARTICLE:Flutter Entertainment plc ("Flutter") and Fox Corporation ("FOX") have jointly announced the decision to close the sports betting platform FOX Bet.
The closure will occur in a phased manner, with operations set to wind down between July 31 and August 31, 2023.
FOX Bet was operated by Flutter as part of The Stars Group US ("TSG US"), which also included the US-facing operations of PokerStars. However, after careful consideration, Flutter has decided to retain ownership of PokerStars and the leading US sports betting market platform, FanDuel.
The decision marks a significant strategic move for both Flutter and FOX. While Flutter aims to focus on consolidating its position in the US market with FanDuel, FOX is planning to maintain the FOX Bet brands for future use. FOX Bet Super 6, a popular game among sports enthusiasts, will continue to be accessible to users. Additionally, the company has exciting plans to introduce an all-new game later this summer.
Options for Collaboration Remain
Commenting on the decision, representatives from Flutter Entertainment and Fox Corporation highlighted the evolving landscape of the sports betting industry. The closure of FOX Bet is seen as an opportunity for Flutter to streamline its operations and better leverage its existing assets, including FanDuel, which has been a dominant force in the US sports betting scene.
FOX Bet's closure, however, does not diminish FOX's interest in the rapidly expanding sports betting market. The corporation will maintain its option to acquire an 18.6% stake in FanDuel, keeping the possibility of future collaboration open. Moreover, FOX will continue to hold a 2.5% stake in Flutter, further solidifying the relationship between the two companies.
This move comes at a time when the sports betting industry is witnessing remarkable growth, with more states in the US legalizing and regulating the activity. The market has become intensely competitive, prompting companies to reassess their strategies and focus on areas with the highest potential for growth.
Change in the Sports Betting Landscape
Flutter Entertainment and FOX are confident that the decision to close FOX Bet will enable them to better align their respective business goals and enhance the overall experience for their customers. As the landscape evolves, both companies remain committed to providing exciting and innovative offerings to sports enthusiasts and bettors across the country.
For FOX Bet users, the phased closure means that they will have time to withdraw any remaining funds and settle any pending bets before the platform ceases operations entirely on August 31, 2023.
While Flutter Entertainment consolidates its position with FanDuel, Fox Corporation prepares for future endeavors with the FOX and FOX Bet brands. With the industry witnessing rapid expansion, both companies are committed to delivering innovative and engaging experiences for their customers and capitalizing on the growing appetite for sports betting across the United States.
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