As we see more and more states legalize sports betting in the US in 2019, one sports media company is primed and ready to enter the sports betting market. Fox Sports has partnered with The Stars Group and announced their own online sports betting app, FOX Bet.
FOX Bet will be an online sports betting app that allows bettors in the United States to bet on live sports online and enjoy free contests as well, similar to how FanDuel Sportsbook and DraftKings Sportsbook works for online sports betting.
Fox Sports has invested $236 million in The Stars Group for a 5 percent stake, which also gives them the chance to obtain up to a 50 percent stake of The Stars Group. According to the partnership terms, they can acquire half of the company within the first ten years of the up-to 25-year partnership.
How Will The FOX Bet App Work For Sports Betting In The US?
Fox Sports and The Stars Group’s press releases allow us to take a closer look at how the FOX Bet App could work in the sports betting market. Fox Sports would be able to use their own branding for
Right off the bat, the FOX Bet app would have a prestigious name attached to it to give it a leg up in US online sports betting. It’s something that’s pretty much unprecedented in legal sports betting, with most brands having to build from the ground up. Fox Sports CEO and Executive Producer Eric Shanks also alluded to being able to integrate Fox Sports programming and radio programming with the FOX Bet app, although there aren’t concrete plans in place for that yet.
Although the free-to-play part of the FOX Bet doesn’t use real money, players will still be able to win cash prizes by predicting outcomes of games. Those who aren’t too familiar with online sports betting or don’t have as much to wager on sports will be able to gain experience with this part of the application and possibly win some money as well.
How Will FOX Bet Affect NJ Online Sports Betting, PA Online Sports Betting?
It was announced by FOX Bet CEO Robin Chhabra that FOX Bet would replace BetStars NJ, giving the NJ online sports betting market a huge boost with a known name. BetStars NJ had been far behind FanDuel Sportsbook and DraftKings Sportsbook, but now with the brand recognition and the backing of Fox Sports, the market share could be quite different in the months to come.
The outlook of PA online sports betting could look very different because of this partnership as well. BetStars was in the works to enter online sports betting in PA, but now that FOX Bet is replacing it, Mount Airy Casino Resort will be launching the FOX Bet app when the casino is ready for online sports betting in Pennsylvania. The hope, according to CEO Chhabra, is that the FOX Bet app will be ready for launch prior to the beginning of the 2019-2020 NFL season so those who wish to bet on football could do it with the FOX Bet app.