By TheNuts - Aug 01, 2023
Fox Bet To Be Shutdown By Flutter Entertainment
It has been announced by Flutter Entertainment that their Fox Bet sports betting platform would shut down immediately. Fox Bet has stopped accepting bets and will gradually wind down its operations throughout the month of August.
Players can use the same login information they used on Fox Bet to access any remaining monies in their accounts through PokerStars and/or PokerStars Casino after August 31.
The closure will not have an impact on Flutter's other businesses, including online poker club PokerStars and US industry leader FanDuel. In case it decides to bring back the Fox Bet name in the future, Fox will retain the rights to the name.
Additionally, Fox will keep its 2.5% and 18.6% stakes in Flutter Entertainment and FanDuel, respectively.
On the surface, the alliance between Flutter and Fox made sense. They met when US legalized online sports betting first started to take off. Despite the fact that PokerStars' sports betting platform was brand-new, the business had lots of experience with online gambling and technology that would be helpful to Fox. Meanwhile, Fox Sports has long been a well-known brand in the US; as a result, PokerStars may find it easier to gain ground there.
However, Flutter's purchase of PokerStars was detrimental because Flutter already owned FanDuel, which likely reduced the company's desire to promote Fox Bet across the nation. By the time it was all said and done, FOX Bet only existed in Colorado, New Jersey, Michigan, and Pennsylvania. Colorado was also the only state where the sportsbook wasn't affiliated with PokerStars.