Another media giant has teamed up with a sports betting partner. FOX Sports and The Stars Group (TSG) announced on Wednesday a partnership was agreed to that will be called FOX Bet and will create sports betting apps for both real and play money.
FOX will pay $236 million for a small stake in TSG, less than 5%. They will also have the option of acquiring up to 50% of TSG prior to the 10th anniversary of the potential 25-year deal.
Launch This Fall
According to a press release from the companies, two sports betting products will launch sometime this fall. The goal is to be up and running by the start of the 2019 NFL season. The first is a free-play game with cash prizes for predicting the outcome of sports games. The other will be giving customers in states with regulated sports betting a chance to place real-money wagers on a number of different sports.
The Stars Group is already operational in New Jersey through an affiliation with Resorts Casino Hotel in Atlantic City. But the question becomes, how will FOX Bet infiltrate other states with legal sports betting? TSG already had a deal with Eldorado Resorts, so that will help FOX Bet get into some states.
Where to Find Them
Eldorado has properties in Reno, so it is possible that FOX Bets can make its way into Nevada.
Pennsylvania online sports betting should be coming any day now. BetStars already has a plan in place to be up and running in Pennsylvania via Mount Airy Casino Resort.
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West Virginia’s Mountaineer Casino is owned by Eldorado, and the state already has legal mobile sports wagering.
Indiana just made sports betting legal this week. Online and mobile wagering was legalized as well. Eldorado operates the Tropicana Evansville.
Iowa may be the next state to legalize sports betting. If/when they do, Eldorado owns Isle Casino Hotel Bettendorf.
Other states that Eldorado has properties in that are looking to legalize online sports betting in the near future include Ohio, Louisiana, and Colorado.
What Industry Leaders are Saying
Rafi Ashkenazi, the CEO of TSG, issued a statement on the new partnership.
“We believe this strategic partnership uniquely positions us to build a leading betting business in the US, which represents one of the most exciting long-term growth opportunities for our company.
“Leveraging our proven media partnership strategy with Sky Sports in the UK, we are excited to partner with FOX Sports to integrate wagering into sports media and drive customer acquisition and retention in the US.”
Eric Shanks, the CEO and executive producer of Fox Sports, had this to say:
“FOX Sports is already synonymous with the best live sports events in the country, and now we are expanding the way we immerse fans in the sports culture they love. Digital sports wagering represents a growing market opportunity that allows us to diversify our revenue streams, connect directly with consumers and expand the reach of the FOX Sports brand.”
Who Else is Involved?
Popular gambling brands associated with TSG include PokerStars, BetStars, Full Tilt, Sky Bet, Sky Vegas, Sky Casino, Sky Poker, BetEasy, and Oddschecker.