Flutter to close Fox Bet
A phased closure of FOX Bet’s operations started yesterday.
US.- London-listed Flutter Entertainment and the Fox Corporation have announced the decision to close the sports betting platform FOX Bet. A phased closure of FOX Bet’s operations started yesterday (July 31) and will continue until August 31.
Flutter operated FOX Bet as part of The Stars Group US along with the US-facing operations of PokerStars. Flutter will retain ownership of PokerStars, while FOX will retain the FOX Bet brand, including FOX Bet Super 6. The firm also plans to launch a new FOX Super 6 game later this summer.
Fox will continue to hold its option to acquire 18.6 per cent of Flutter’s FanDuel. It holds a 2.5 per cent stake in Flutter.
Flutter reports 46% rise in revenue for Q1
Flutter Entertainment’s Q1 results showed revenue up 46 per cent year-on-year at £2.4bn. Sports betting revenue rose 61 per cent to £1.49bn and igaming 44 per cent to £916m amid rapid US growth and an expansion of Flutter’s international business through its acquisition of Sisal.
Flutter’s brands combined for an average 12.3 million monthly players (AMPs) in the quarter. The strong results come as Flutter prepares for a dual US listing for FanDuel by Q4 of this year. FanDuel’s revenue grew by 92 per cent in the last quarter reaching £908m, with customer numbers growing by 1.5 million and sportsbook revenue up 147 per cent. Flutter said the business remains on track to become profitable this year.
