Flutter Entertainment and Fox Corporation have announced the decision to close the sports betting platform Fox Bet. A phased closure of Fox Bet’s operations will take place between July 31 and August 31, 2023.
Fox partnered with Canadian online gambling company The Stars Group to launch Fox Bet in 2019. Stars Group was then bought by Flutter in 2020, which changed the relationship between the partners.
Flutter operated Fox Bet as part of The Stars Group US along with the US-facing operations of PokerStars. Flutter will retain its ownership of PokerStars.
Fox will retain future use of the Fox and Fox Bet brands, including Fox Bet Super 6, and intends to launch an all-new Fox Super 6 game later this summer. Fox has the right to buy up to 50% of Fox Bet by August 23, 2023.
Fox Bet had full betting offerings in Colorado, New Jersey, Pennsylvania and Michigan.
Even after this closure, Fox retains an option to buy an 18.6% stake in FanDuel, which it picked up from Flutter’s acquisition of The Stars Group, as well as being able to hold a 2.5% stake in Flutter.
In its Q1 FY23 results, Flutter announced that the company generated overall revenue of $3.02bn, a 54% year-on-year increase.
Flutter also recently earned a 99.99% shareholder backing to go on to the US stock exchange after having only been on the London Stock Exchange.
John Bryant was recently appointed as Flutter’s new Non-Executive Director and Chair Designate.
