Fox Sports Invests Big In Sports Betting & Plans App by Fall

Fox Sports Invests Big In Sports Betting & Plans App by Fall

As legalized sports betting has become more mainstream over the past years following a landmark decision by the U.S. Supreme Court, media companies continue to try to appeal to the growing segment of the population that wants to wager on sports.

Media giant Fox Sports is the latest company attempting to cater to this burgeoning audience as it is partnering with Stars Group with the two entities combining to create Fox Bet, a sports-betting app that will offer both free-to-play contests and money wagering on a variety of sporting events.

The option to bet real money on sports will only be offered in states where sports betting is legal.

Fox Sports Banking on Sports Betting’s Increasing Popularity

Fox Sports plans to integrate Fox Bet in its television programming that is targeting the same demographic, such as its gambling show “Lock It In” that airs on FS1, per The Sports Business Journal. Fox Bet will be released in the fall of 2019.

"Fox Sports is already synonymous with the best live sports events in the country and now we are expanding the way we immerse fans in the sports culture they love,” Fox Sports CEO Eric Shanks said in a statement. “Digital sports wagering represents a growing market opportunity that allows us to diversify our revenue streams, connect directly with consumers and expand the reach of the Fox Sports brand."

The Star Group is a Canadian-based company familiar with the gaming industry as it owns brands that include BetStars, PokerStars and Full Tilt Poker. Fox Sports will invest $236 million in The Stars Group for just less than 5 percent equity stake in the company.

Fox Sports is also granted the option to acquire up to 50 percent of The Stars Group prior to the 10-year anniversary of the partnership.

Canadian sports media company theScore recently announced it is seeking approval to offer a sports betting app in 2019.

Legalized sports betting continues to be more accepted and commonplace throughout the United States since last May when the Supreme Court overturned the Professional and Amateur Sports Protection Act of 1992 that prohibited sports betting outside of Nevada.That decision allowed states to decide whether to permit wagering on sports. The most recent to join the states with legal sports betting is Indiana. Upward of two dozen states could offer legal betting on sports by the end of next year.

Accessibility of Fox Bet Will Be Key to Success

As legal sports betting has expanded, one component that has proven most attractive to consumers is the ability to wager online. New Jersey is one of the few states that has made sports betting online accessible, propelling it to second behind Nevada in revenue generated from legalized sports betting.

More than 80 percent of the total amount wager in New Jersey is generated from wagering done online, primarily through either DraftKings or FanDuel, which Fox Bet will be competing against upon its release in the fall.

"We believe this strategic partnership uniquely positions us to build a leading betting business in the U.S., which represents one of the most exciting long-term growth opportunities for our company,” The Stars Group CEO Rafi Ashkenazi said in the statement.

“Leveraging our proven media partnership strategy with Sky Sports in the UK, we are excited to partner with Fox Sports to integrate wagering into sports media and drive customer acquisition and retention in the U.S."

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