Flutter Entertainment, the largest online betting company in the world, agreed with its partner, Fox Corporation (FOXA.O), which is one of the world’s famous broadcasters, to shut down Fox Bet, its sports betting platform.
The loss in revenue caused by two brands:
As former partners released on Monday, July 31, the platform wasn’t as profitable as expected.
Flutter is the owner of the famous Fanduel brand, one of the most famous brands in the whole of the U.S. The company announced that FOX Bet’s contribution to the brand was less than 3% of the whole revenue the company earned.
The total company’s revenue in the U.S. was 2.6 billion pounds, or $3.3. billion. However, despite the huge revenue the company earned, the loss in the U.S. was $313 in 2022, and this year, Flutter wants to return it, according to Reuters.
FOX Bet had a tough year. Along with the famous PokerStars brand, the company caused a loss of $91 million. In March this year, Peter Jackson, chief of Flutter, said that it’s expected between half and two-thirds of that amount to go away if the company isn’t operational anymore.
Flutter’s success and the profitability of the year so far will probably make this Dublin-based company the first operator ever to turn a profit in the States after the ban on sports betting was lifted back in 2018.
The final shutdown of FOX Bet’s operations will be done in phases, starting on July 31 and it’s expected to be completed by August 31, as the companies claimed.
FOX’s ambitious plans for the future:
However, it seems that the end of this partnership means a new beginning for FOX since the company will continue to possess all of the FOX and FOX Bet brands, including the popular FOX Bet Super 6. Later this summer, the FOX Bet Super 6 will launch a new game.
The renowned FOX signed a partnership with a popular online gaming company from Canada, The Stars Group, and together they launched Fox Bet in 2019. After that, Flutter decided to buy The Stars Group in the same year, which meant a partnership with Fox Bet as well.
In the future, FOX will keep its right to acquire 18.6% of the famous FanDuel brand, as well as the 2.5% stake in Flutter that it already owns.
What will the end of this partnership mean for both companies? The future will say, but as both of them are very successful in the U.S. market, the results will surely remain great.
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