Flutter Entertainment plc and Fox Corporation Announce Close of FOX Bet

Rhea-AI Summary

Flutter Entertainment and Fox Corporation announce the closure of sports betting platform FOX Bet. The closure will take place between July 31 and August 31, 2023. Flutter will retain ownership of PokerStars and FanDuel while Fox will retain the FOX and FOX Bet brands. Fox also holds a 2.5% stake in Flutter.

LOS ANGELES and NEW YORK, July 31, 2023 /PRNewswire/ -- Flutter Entertainment plc ("Flutter") (London Stock Exchange/Euronext Dublin: FLTR) and Fox Corporation ("FOX") (Nasdaq: FOX, FOXA), announce today the decision to close sports betting platform FOX Bet. A phased closure of FOX Bet's operations will take place between July 31 and August 31, 2023.

Flutter operated FOX Bet as part of The Stars Group US ("TSG US") along with the US facing operations of PokerStars. Flutter will retain ownership of PokerStars, in addition to US sports betting market leader 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 will continue to hold its option to acquire 18.6% of FanDuel and in addition holds a 2.5% stake in Flutter.

Notes to Editors

About FOX Bet: FOX Bet, a sports betting platform available in Colorado, Michigan, New Jersey and Pennsylvania, was launched in 2019 by FOX and TSG. TSG was acquired and operated by Flutter as of May 2020.

About Fox Corporation: Fox Corporation produces and distributes compelling news, sports, and entertainment content through its primary iconic domestic brands, including Fox News Media, Fox Sports, Fox Entertainment, Fox Television Stations and Tubi Media Group. These brands hold cultural significance with consumers and commercial importance for distributors and advertisers. The breadth and depth of our footprint allows us to deliver content that engages and informs audiences, develop deeper consumer relationships, and create more compelling product offerings. FOX maintains an impressive track record of news, sports, and entertainment industry success that shapes our strategy to capitalize on existing strengths and invest in new initiatives. For more information about Fox Corporation, please visit www.FoxCorporation.com.

About Flutter Entertainment plc: Changing the Game – Flutter is a global betting and gaming group with an ambition to drive positive and sustainable change in our industry. Flutter's brand portfolio includes America's number one sportsbook FanDuel, along with PokerStars, Sky Betting and Gaming, Paddy Power, Betfair, Tombola, Sportsbet, Sisal, Adjarabet and Junglee. Through these world class brands, we excite and entertain customers, while leading the way in responsible play. Our strength is the Flutter Edge, optimising the advantages of our global scale to drive business performance and positive impact for our customers, colleagues and communities. For more information about Flutter Entertainment plc, its brands and reporting divisions, please visit www.flutter.com.

 

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SOURCE Fox Corporation

FAQ

What is the news about Flutter Entertainment and Fox Corporation?

Flutter Entertainment and Fox Corporation have announced the closure of sports betting platform FOX Bet.

When will the closure of FOX Bet take place?

The closure of FOX Bet will take place between July 31 and August 31, 2023.

What will Flutter Entertainment retain ownership of?

Flutter Entertainment will retain ownership of PokerStars and FanDuel.

What will Fox Corporation retain?

Fox Corporation will retain the FOX and FOX Bet brands.

What stake does Fox Corporation hold in Flutter Entertainment?

Fox Corporation holds a 2.5% stake in Flutter Entertainment.