FOX Bet is shutting its doors after struggling to gain traction in the online sports betting market amid fierce competition and ongoing legal issues with its parent company over the last four years.
News of the closure was first reported by Bloomberg.
Flutter acquires FOX Bet licenses
FOX became the first major media company with its own sports betting app in 2019, launching FOX Bet in conjunction with The Stars Group shortly after the U.S. Supreme Court struck down the federal ban on sports betting.
It became the subject of a lengthy lawsuit after FanDuel parent Flutter acquired The Stars Group. The lawsuit ended with FOX being granted a 10-year option to acquire an 18.6% stake in FanDuel for $3.7 billion, and Flutter and FOX faced an August 2023 deadline to decide the future of the brand.
The app struggled to compete in online sports betting for much of its tenure, routinely holding less than 1% share in markets where it operated. Flutter saw far greater US success with FanDuel and did not appear inclined to promote a competing brand from in-house.
Where FOX operated sports betting
Flutter will retain its vacant licenses in those states:
- New Jersey
After August 31, users will be able to access their account balances using the Poker Stars or PokerStars Casino apps, according to a FAQ page on the closure. Flutter declined to address how outstanding futures bets will be treated.
More sports betting apps shut down
FOX retains the app’s branding rights and plans to launch a new version of its free-to-play jackpot game later this year, according to the release.
The news comes shortly after PlayUp took down its app and PointsBet agreed to sell its US business. Over the past nine months, six sports betting apps have shut down permanently or temporarily, or announced plans to shut down:
- FOX Bet
- Fubo Sportsbook
- Maxim Bet