[SBR Andy]

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/

[TheMoneyShot]

lol mind blowing. These must be Harvard geniuses at work again? Any single one of us could run it better than the man in charge from wagering the last 20 years.

How exactly can you blow 3 billion dollars? With no gains? lol

[Optional]

FoxBet and SkyBet brands trying to trade on high margins for rec bettors only never looked like a good model from the start to me.

And their Stars brand sites provide awful service worldwide. Not surprised Pokerstars/Betstars are not working either.

[Wilfred]

Doesn’t help they completely screwed people in Michigan with W2G forms issuing them on all their bonuses they got

[hehfest]

lol mind blowing. These must be Harvard geniuses at work again? Any single one of us could run it better than the man in charge from wagering the last 20 years.

How exactly can you blow 3 billion dollars? With no gains? lol

I haven't looked for any new books here in Michigan lately. I think the last new book I played at was the last Super Bowl with SI for some really small free play match bet thing. Anything new around here? Anything else closing up shop than Fox?

[hehfest]

Doesn’t help they completely screwed people in Michigan with W2G forms issuing them on all their bonuses they got

This is quickly becoming a state not having enough good reasons to reside in anymore. I'm on DefCon2 of staying here. Its turning into a taxing shithole.

[Thefix13]

This is quickly becoming a state not having enough good reasons to reside in anymore. I'm on DefCon2 of staying here. Its turning into a taxing shithole.

Michigan was ever worth living in? Breaking news

[Optional]

This is quickly becoming a state not having enough good reasons to reside in anymore. I'm on DefCon2 of staying here. Its turning into a taxing shithole.

I hope there is tax reform around gambling.

I think it's a form of double taxation and "should" not be legal.

[Judge Crater]

Doesn’t help they completely screwed people in Michigan with W2G forms issuing them on all their bonuses they got

They are a gateway drug for offshore sportsbooks.