LOS ANGELES & NEW YORK—Flutter Entertainment plc (“Flutter”) and Fox Corporation have announced that they are closing the struggling sports-betting platform Fox Bet.
Flutter operated Fox Bet as part of The Stars Group US, which owns FanDuel, along with the U.S. operations of PokerStars.
The phased closure of Fox Bet’s operations will take place between July 31 and August 31 that have forced some of the smaller operators out of business.
The announcement comes at a time of losses and consolidation in the sports betting sector that have forced some of the smaller operators out of business.
Fox entered the betting space in 2019 in partnership with The Stars Group US, which then owned Fan Duel. After Flutter purchased The Stars Group, Fox and Flutter went into arbitration over Fox’s rights to buy a stake in FanDuel.
As part of the new deal between the two companies, Flutter will retain ownership of PokerStars, in addition to FanDuel.
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 also reported that it continues to hold its option to acquire 18.6% of FanDuel and holds a 2.5% stake in Flutter.
