Fox Bet to exit US market after Flutter pulls the plug

Updated:2024-03-30 09:11    Views:76

Flutter Entertainment has revealed the closure of Fox Bet, adding it to the list of US sports betting platforms to shutter in the US.

The closure will be managed in stages before closing for good on 31 August.

Despite the closure, FanDuel – the biggest sportsbook in the US market, which is also owned by Flutter – will retain the use of the Fox and Fox Bet brands, with the intention of launching a new Fox Super 6 game later this year.

It was also revealed that Fox will not relinquish its option to purchase 18.6% of FanDuel, as it retains its 2.5% stake in Flutter.

This comes soon after a few rival sportsbooks ceased operations in the US, with the market becoming more and more expensive to operate in.

In June, PointsBet sold off its US operations to Fanatics in a deal worth $225m. Initially,poke online gratis Fanatics had made a bid of $150m, but that deal was pushed up by a late bid made by DraftKings for $195m – a $45m increase on Fanatics' original offer.

Prior to that, MaximBet exited the US sports betting space in November 2022 – which was due to ‘macroeconomic conditions,’ according to the sportsbook’s owner the Carousel Group.

In an example that is perhaps most comparable to Fox Bet, in that it was a crossover of sports betting and media, Fubo Gaming also took its FuboTV brand off the market back in October 2022.

The decision was taken after a strategic review of the Fubo Gaming business, with the group explaining that none of the opportunities presented would have allowed the company to lower its funding requirements and generate sufficient returns to shareholders.