Flutter Entertainment PLC have announced the closure of sports betting platform Fox Bet. Flutter, who are the parent company of popular sports betting sites such as FanDuel, Paddy Power, Betfair, Sky Bet and PokerStars, are set to wind down Fox Bet over the next month.
Flutter Announce Closure Of Fox Bet
Flutter Entertainment PLC and Fox Entertainment have announced the closure of sports betting platform Fox Bet. A phased closure of the sportsbook will take place between now and the end of the month.
Flutter operated Fox Bet as part of The Stars Group US, alongside popular US-facing gambling site PokerStars. With Fox Bet being closed, Flutter will still retain ownership of PokerStars, alongside the US sports betting marker leader FanDuel.
This closure also means that Fox will retain any future use of the Fox and Fox Bet brands. This includes Fox Bet Super 6, which is intended to relaunch later this summer as a brand new game called Fox Super 6.
This also means that Fox will continue to hold its 18.6% stake in FanDuel, as well as its 2.5% stake in Flutter. Results from the month of May showed that Flutter’s revenue rose 54% to make than €2.7 billion in the first three months of the year.
Furthermore, Flutter reported that revenue grew by a whopping 54% to £2.41 billion in the first three months of the year (ending March 31st, 2023). This figure was considerably lower at £1.57 billion during the same period last year.
Revenue in Flutter’ s US facing business has also had a sharp increase, almost doubling. A 92% increase to £908 million in the first quarter from £429 last year. The gambling giant located in Dublin, said the US remains “firmly on track” for full-year profitability in 2023.
Flutter has spent heavily developing the business through its main US subsidiary, FanDuel. The group plans to take a secondary stock market listing in New York by the end of the year.