The news of Flutter Entertainment and Fox Corporation ceasing FOX Bet operations has been met with shock and surprise by many. The two companies announced on April 15th, 2021 that they would be terminating their partnership and ending FOX Bet operations in the United States. This decision comes after a year of speculation about the future of the joint venture between the two companies.
Flutter Entertainment is a leading international online gambling company based in Dublin, Ireland. The company owns several popular online gambling brands, including Paddy Power, Betfair, and FanDuel. Fox Corporation is an American mass media corporation based in New York City. The company owns the Fox broadcast network, Fox News Channel, Fox Sports, and other media outlets.
The two companies had formed a joint venture in 2019 to launch FOX Bet, an online sports betting platform. The platform was launched in September 2019 and was available in several states across the United States. However, the partnership between Flutter Entertainment and Fox Corporation has been strained in recent months due to disagreements over the direction of the venture.
The decision to cease FOX Bet operations was made after a period of negotiations between the two companies. While the exact details of the negotiations have not been made public, it is believed that the two companies were unable to reach an agreement on how to move forward with the venture.
The termination of the joint venture will have a significant impact on both companies. Flutter Entertainment will lose out on potential revenue from FOX Bet, while Fox Corporation will no longer be able to capitalize on the growing sports betting market in the United States.
The decision to cease FOX Bet operations is a major setback for both companies, but it is not necessarily a bad thing. It is likely that both companies will look for new opportunities in the online gambling space in the near future. In addition, this decision may open up opportunities for other companies to enter the sports betting market in the United States.
Overall, the decision by Flutter Entertainment and Fox Corporation to cease FOX Bet operations is a significant development in the online gambling industry. While it is unfortunate that the joint venture did not work out, it is likely that both companies will find new opportunities in the near future.
