Posted on: December 9, 2025, 10:51h.
Last updated on: December 9, 2025, 10:51h.
- FOX Bet was closed down in 2023
- Media company holds an option to purchase 18.6% of FanDuel
- It has $900 million worth of Flutter Entertainment equity
Fox Corporation (NASDAQ: FOX), a leading name in US sports broadcasting and streaming, has decided not to capitalize on its position to re-enter the sports betting market.
During the UBS Global Media and Communications Conference 2025, CFO Steven Tomsic remarked that the media juggernaut is not planning a return to sports wagering. In July 2023, News Corp (NASDAQ: NWSA) and Flutter Entertainment (NYSE: FLUT) ended FOX Bet, which Flutter had taken over during its 2020 acquisition of the Stars Group.
Through Flutter’s acquisition of Stars Group, Fox became a stakeholder in the gaming entity, holding 2.5% of FanDuel’s parent company. Tomsic mentioned at the UBS meeting that this stake is valued at $900 million.
The closure of FOX Bet in 2023 was anticipated. For several years, Flutter has openly favored FanDuel, allowing FOX Bet to languish. Nonetheless, the media organization retains rights to the FOX Bet branding.
Fox’s Role as a Sports Betting Investor
Following the demise of FOX Bet, speculation arose suggesting that the media giant was contemplating reviving the venture and was in discussions with other gaming firms. However, these discussions did not yield tangible results. Fast forward to 2025, and it seems Fox is content to play a role as a sports betting investor.
“We hold tremendous respect for Flutter’s capabilities in the sports betting domain,” Tomsic stated at the UBS conference. “We’re pleased to bring our sports broadcasting expertise to this partnership.”
Staying out of the sports betting fray may prove wise for Fox. In the US market, competition is fierce, and most players have struggled to compete with the DraftKings/FanDuel duopoly. The landscape is littered with operators, including well-known brands, that exited due to inability to gain sufficient market share.
The financial burden of such ventures is considerable, and Fox may be judiciously preserving resources to solidify its balance while investing in other thriving businesses. Tomsic also indicated that the company is not actively seeking mergers or acquisitions in the near future.
Fox Maintains Exposure to Sports Betting
While not directly involved in the business-to-business or consumer-facing sectors of sports wagering, Fox retains exposure through the option to purchase 18.6% of FanDuel. This option is exercisable until 2030.
Fox previously appraised FanDuel at $35 billion, implying that 18.6% would amount to $6.5 billion. However, a July transaction in which Flutter obtained 5% of FanDuel that it did not already own suggested a valuation of $31 billion, $4 billion less than Fox’s estimate.
Nevertheless, holding the rights to acquire 18.6% of FanDuel positions Fox to capitalize on the growth of sports betting without direct engagement in the market.