The Fox Sports division of US network Fox has launched Fox Bet, a first-of-its kind national media and sports wagering partnership with The Stars Group (TSG), in the state of New Jersey.
Starting yesterday (Monday), Fox Bet has replaced the BetStars brand in New Jersey alongside PokerStars and PokerStars Casino, which will remain available without change. The entry of Fox Bet into its first state comes after a deal struck between Fox Sports and Stars in May.
The commercial agreement will run for up to 25 years, with Fox Sports having acquired a 4.99-per-cent stake in Stars for around $236m (€215.7m). Under the deal, Fox Sports has the right to acquire up to a 50-per-cent equity stake in Stars’ US business prior to the 10th anniversary of the commercial agreement, and subject to certain conditions and applicable gaming regulatory approvals.
Fox Bet is designed to give sports fans in New Jersey the opportunity to legally place real-money wagers on the outcome of a wide range of live sports and special events including American football, baseball, ice hockey, motor sports, golf, tennis and soccer.
Fox Bet also offers access to Fox Sports content, instant scores, stats, alerts and odds updates as well as up-to-the-minute news, expert insight and commentary from Fox Sports’ team of broadcasters and analysts.
“If you’re a sports fan in New Jersey, Fox Bet is a game changer,” Robin Chhabra, chief executive of Fox Bet, said in a statement. “Fox Bet combines decades of expertise in content-rich programming and regulated online gaming to drive a superior, integrated and interactive live viewing experience for our customers found nowhere else in the United States.”
May’s initial announcement came a week before the anniversary of a US Supreme Court decision allowing all 50 states to offer legal sports betting, should they choose to do so. Thirteen states now offer legal sports wagering and Fox Bet is expected to roll out to other states at a later date.
Chhabra told the Reuters news agency that Fox Bet will target casual betters and smaller wagers, similar to the Sky Bet operation in the UK, and be used as a tool for Fox Sports to engage fans. Fox Bet will also share a similar request a bet offering through social media platforms by utilising the #CustomBet hashtag.
Chhabra added that TSG expects to break even in 2022 on Fox Bet, with $40m invested this year, including $10m licensing fees in each of New Jersey and Pennsylvania. Fox Sports is also expected to offer a free-to-play predictive game nationally.