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Fox Bet sports betting accounts are set to close down in the coming weeks, as first reported by Bloomberg. Fox and Flutter have since released an official statement (see below).
Fox (FOXA.O) and Flutter Entertainment (FLTRF.L), parent company to FanDuel and PokerStars, plan to wind down their Fox Bet sports-betting business effective immediately (July 31). This will be a phased closure continuing through August 31.
Gambling911 had previously reported on an arbitration ruling by New York’s Judicial Arbitration and Mediation Services (JAMS) in Fox. Corp.’s (NASDAQ:FOXA) rift with Flutter Entertainment (OTC:PDYPY).
Flutter seemingly has done little to promote the brand when compared to its more high profile and heavily advertised FanDuel. Fox Bet only seems to get attention during pregame NFL shows on the Fox television network.
"Fox Bet is on borrowed time,” research firm Eilers & Krejcik Gaming suggested last fall. “Both Fox and Flutter can terminate the Fox Bet agreement in August 2023 and essentially dissolve the business.”
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Flutter will retain the customer database and market-access agreements associated with the business, while Fox will keep rights to the brand and its option to buy an 18.6% stake in FanDuel, a unit of Flutter, the report said.
Here is an official statement by Flutter from yesterday re: FOX Bet
— Alfonso Straffon (@astraffon) July 31, 2023
Entertainment plc and Fox Corporation Announce Close of FOX Bethttps://t.co/wQD4arI5VK pic.twitter.com/TgfhwBAkCy
Fox partnered with Canadian online gambling company The Star Group to launch Fox Bet in 2019. The relationship between the partners changed when Star was acquired by Flutter.
Fox sued Flutter in 2021 in a case related to exercising its option to buy the 18.6% stake in FanDuel, one of the world's biggest fantasy sports companies, as both parties differed on the price of the stake.
- Aaron Goldstein Gambling911.com
