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Fox Sports, a subsidiary of US television broadcaster Fox Corporation, and The Stars Group Inc have revealed plans to launch FOX Bet, a national sports media and wagering portal.
Both companies expect to launch two products in the third quarter of 2019 under the FOX Bet umbrella. One will run as a nationwide free-to-play game, awarding cash prizes to players who correctly predict the outcome of sports games. The second, which will be named FOX Bet, will give customers in states with regulated sports betting the opportunity to place real money wagers on the outcome of a wide range of sporting events in accordance with the applicable laws and regulations.
As part of the commercial agreement, Fox Sports will acquire a 4.99% stake in The Stars Group, paying $236m (€211.0m). The media giant also receives an option to acquire up to 50 per cent of The Stars Group’s US business prior to the 10th anniversary of the deal that could stretch up to 25 years.
“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. 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,” said Eric Shanks, CEO and Executive Producer of FOX Sports.
“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 US,” added Stars Group CEO, Rafi Ashkenazi.
