Flutter Entertainment and Fox Corporation have made an official announcement regarding the future of their Fox Bet sports betting joint venture.
The two companies have revealed that the joint venture will be closing its doors next month. The closure process will be executed in a phased manner, commencing on July 31st and concluding on August 31st.
Until now, Flutter has been operating the Fox Bet brand as part of The Stars Group US, which also includes the US–facing operations of the PokerStars business. After the closure, Flutter will maintain ownership of both PokerStars and FanDuel Group. On the other hand, Fox will still have the right to use the Fox and Fox Bet brands in the future. This includes the Fox Bet Super 6 prediction game, which is scheduled to be relaunched this summer with updates.
In terms of their financial arrangements, Fox Corporation, which presently holds a 2.5% stake in Flutter, will continue to retain the option to acquire an additional 18.6% stake in FanDuel. This move represents a strategic move by both companies to navigate the evolving landscape of the sports betting and online gambling industry.