Fox Corp and Flutter Entertainment Plc have announced plans to cease operations of their Fox Bet online wagering business, effective from August 1.
The decision was confirmed by sources familiar with the plans, who requested anonymity as the decision has not been publicly announced yet.
The Future of Fox Bet
Flutter Entertainment, the parent company of the rival betting service FanDuel, will retain the customer database and market-access agreements associated with the business. Fox Corp will retain rights to the Fox Bet brand and the related Super 6 promotion. Additionally, Fox Corp will maintain its option to acquire an 18.6% stake in FanDuel.
Online gambling was seen as a significant potential growth business for Fox Corp, the broadcast business controlled by Rupert Murdoch. The company heavily promoted the brand during football games. Fox Bet was created in collaboration with Stars Group, but the dynamics changed after Stars was acquired by Flutter Entertainment.
Flutter focused on FanDuel and did not expand Fox Bet as much as Fox Corp’s CEO, Lachlan Murdoch, had hoped.
Fox Corp has reportedly been in discussions with other sports-betting operators about marketing agreements with its networks. The decision to wind down Fox Bet operations could be officially announced as soon as July 31.
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