Toxic Fox, Flutter Partnership Nears End as Brands Agree to Axe FOX Bet

  • Fox retains the brand in the deal, while Flutter gets the database
  • Flutter’s merger with Star gave Fox a 2% stake in Flutter
  • Fox launched lawsuits after Flutter contended the FanDuel value
FOX Bet logo
After months of legal battles, Fox and Flutter Entertainment have reached an agreement to axe their co-owned brand FOX Bet. [Image:]

FOX Bet is the latest US sportsbook about to bite the dust.

On Friday, sources reported FOX Bet’s co-parent brands Fox and Flutter Entertainment had reached an accord to shut the sportsbook down as early as August. Flutter will get to keep the customer database and market-access rights, while Rupert Murdoch-owned Fox will retain the FOX Bet brand and the option to buy an 18.6% stake in Flutter’s FanDuel.

FOX Bet, formed via a partnership with The Star Group to power its betting platform, launched its first US online sportsbook in Pennsylvania in 2019.

The agreement brings an end to what has proven a toxic business partnership for the two firms, underlined by legal battles. Trouble first arrived when Flutter merged with Star, which gave Fox a 2% stake in Flutter and the option to buy 18.6% of FanDuel under a $11.2bn valuation. Flutter believed FanDuel stock to be worth far more, however, and Fox filed a lawsuit to keep the value the same.

According to Bloomberg, the official FOX Bet shutdown announcement could be made as soon as July 31, adding the sportsbook’s name to a list of closed US brands including Fubo Sportsbook and MaximBet. The reason for FOX Bet’s US failure, stated Front Office Sports, was the sportsbook’s “poor reach and tech.”

Leave a Reply

Your email address will not be published. Required fields are marked *