Cherry Hill-based Fox Bet adds to area’s sports wagering scene

Tom Paine

A U.S. Supreme Court decision in May 2018 overturned a federal ban on sports wagering outside of Nevada, and 13 states now offer it.

Rupert Murdoch’s Fox Corp launched the FOX Bet sports betting platform last September. Its actually a partnership with The Stars Group (TSG), which is listed on the Toronto exchange and the NASDAQ.

Fox in May 2019 invested $236 million for a 4.99% stake in TSG, valuing TSG at $4.7 billion.

Additionally, Fox Sports within the next 10 years will have the right to acquire up to 50% of Stars Group’s U.S. business.

Sky Bet, a UK partnership between Sky (formerly owned by Fox and now owned by Comcast) and The Stars Group, was previously bought out by Stars; Comcast has no interest in it. Fox Bet relocated its New Jersey office last year from Linwood, where it had approximately 40 staff, to Cherry Hill. LinkedIn now shows 72 employees for Fox Bet, including a few in Austin, TX..

Fox Bet is now only authorized to offer gambling in New Jersey and Pennsylvanuia. There is a desktop app, and mobile apps for Android and iOS users.

This past week, Fox Bet announced a partnership with the new XFL Spring football league, which began play on Saturday.

Fox is the first US broadcaster to become directly involved in sports gaming.

Update: William Hill strikes sports-betting media deal with CBS Sports to allow it to tap the media giant’s audience for potential customers https://www.wsj.com/articles/william-hill-cbs-strike-sports-betting-media-deal-11581368459 via @WSJ