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.
The Irish betting giant, which own Paddy Power Betfair, said the average number of people betting regularly on its website rose 30% to 12.3 million per month in the first quarter.
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.
Paul has worked in sports as a writer ever since graduating from Liverpool John Moores University back in 2020, where he attained a First Class Honours Degree in Sports Journalism. Paul is comfortable writing about all sorts of different sports, but specifically specialises in boxing, golf, MMA, darts and horse racing. Paul's vast knowledge of worldwide sport means he is capable of covering almost any sport, including popular US sports such as NFL, NBA and MLB. Paul has years of experience covering sport for BBC Sport, as well as being a regular contributor at ESBR Boxing. Paul gained vital experience at BBC Radio 1 and Everton Football Club during his time at university, aiding his knowledge of the writing world. Paul has had the opportunity to attend big live sporting events and work as a reporter on numerous occasions. His experience writing on both live sports and sports betting content means he is comfortable with all aspects of sports reporting. As well as writing for Betting Sites, Paul's wealth of knowledge in a whole host of sports converts into writing in depth stories and providing reliable betting picks regularly.
