Flutter Entertainment and Fox Corp announced that they are pulling the plug on the sports betting brand FOX Bet.
A Twitter post on Monday read: "We regret to inform you that as of July 31, 2023, FOX Bet is no longer accepting bets."
FOX Bet had been operating in Colorado, New Jersey, Michigan, and Pennsylvania, but had struggled to gain market share.
FOX Bet Losses for Flutter
Flutter has been a hugely successful legal sports betting platform in the incredible U.S. legal sports betting market. The company reported $3.3 billion in revenues last year alone.
But FOX Bet was responsible for less than 3% of the overall company profits in 2022, and FOX Bet, along with another Flutter platform, PokerStars accounted for $91 million in losses last year. Flutter lost a total of $313 million in 2022.
According to JMP Securities, FOX Bet has gained a paltry 0.2% total market share in the jurisdictions they have a presence in. FanDuel, by contrast, has been able to capture and maintain a stunning 50% or so market share in the U.S. for Flutter Entertainment.
As Flutter chief Peter Jackson said in March, the shuttering of FOX Bet and its financial losses will make "between half and two-thirds of that go away.”
What's next for FOX Bet customers?
FOX Bet will gradually phase out their sports betting product in the U.S. with the end of August earmarked as the official end of the wagering brand in the U.S.
Flutter will maintain the FOX Bet customer database. FOX Media company will retain the FOX Bet branding, which includes the popular FOX Bet Super 6 wing. It remains unclear just what the new FOX Bet Super 6 brand will look like when it relaunches, minus Flutter, later this summer.
According to the company, “PokerStars and PokerStars Casino businesses are not affected.”
FOX will also keep an important option to acquire 18.6% of FanDuel under the agreement signed back in 2019.
Read the full story here: https://www.sportsbookreview.com/new...august-1-2023/
A Twitter post on Monday read: "We regret to inform you that as of July 31, 2023, FOX Bet is no longer accepting bets."
FOX Bet had been operating in Colorado, New Jersey, Michigan, and Pennsylvania, but had struggled to gain market share.
FOX Bet Losses for Flutter
Flutter has been a hugely successful legal sports betting platform in the incredible U.S. legal sports betting market. The company reported $3.3 billion in revenues last year alone.
But FOX Bet was responsible for less than 3% of the overall company profits in 2022, and FOX Bet, along with another Flutter platform, PokerStars accounted for $91 million in losses last year. Flutter lost a total of $313 million in 2022.
According to JMP Securities, FOX Bet has gained a paltry 0.2% total market share in the jurisdictions they have a presence in. FanDuel, by contrast, has been able to capture and maintain a stunning 50% or so market share in the U.S. for Flutter Entertainment.
As Flutter chief Peter Jackson said in March, the shuttering of FOX Bet and its financial losses will make "between half and two-thirds of that go away.”
What's next for FOX Bet customers?
FOX Bet will gradually phase out their sports betting product in the U.S. with the end of August earmarked as the official end of the wagering brand in the U.S.
Flutter will maintain the FOX Bet customer database. FOX Media company will retain the FOX Bet branding, which includes the popular FOX Bet Super 6 wing. It remains unclear just what the new FOX Bet Super 6 brand will look like when it relaunches, minus Flutter, later this summer.
According to the company, “PokerStars and PokerStars Casino businesses are not affected.”
FOX will also keep an important option to acquire 18.6% of FanDuel under the agreement signed back in 2019.
Read the full story here: https://www.sportsbookreview.com/new...august-1-2023/
