Murdoch Optimistic About Revival of FOX Bet

Posted on: August 9, 2023, 04:38h. 

Last updated on: August 9, 2023, 04:38h.

Following the recent closure of FOX Bet, Fox Corp. CEO Lachlan Murdoch has expressed optimism about the company’s future in the sports betting industry. Murdoch revealed that they have already had discussions with various gaming operators.

Fox Corp. CEO Lachlan Murdoch. He’s optimistic FOX Bet can be revived in the US. (Image: Getty Images)

During Fox’s fiscal Q4 earnings call, Murdoch discussed the downfall of FOX Bet and the potential for its revival. Although Fox didn’t allocate capital to the brand, it still derived value from it.

“I can’t stress more that we are extremely pleased with the financial outcome and the value creation through FOX Bet that we have generated for all of our shareholders,” Murdoch said.

Murdoch also mentioned that FOX Bet was fully funded by Flutter Entertainment and that Fox still retains control of the brand, despite Flutter scrapping the business.

FOX Bet Super Six Could Be Pivotal in Reviving Betting Arm

Murdoch acknowledged that the demise of FOX Bet was expected, particularly due to Flutter’s prioritization of FanDuel. However, Fox has the opportunity to revive FOX Bet by incorporating the currently halted FOX Bet Super Six free-to-play game. This mobile app offered contests tied to various sports and served as a database driver for FOX Bet.

Fox Bet Super 6 is the most successful free-to-play wagering business in the United States. Murdoch emphasized the value of this brand and its potential to drive future wagering sites.

Although Murdoch didn’t provide a timeline for the revival of FOX Bet Super Six, its popularity in the free-to-play genre suggests that the app could be revived sooner rather than later, possibly before the 2023 season.

Media/Sports Betting Landscape Changing

Murdoch’s comments on Fox’s reentry into the US sports wagering industry coincided with Penn Entertainment’s announcement of a multi-billion deal with Fox rival ESPN. This deal could have significant implications for the betting/media landscape.

While not as large as ESPN, Fox’s sports broadcasting portfolio, which includes NFL rights, college football, Major League Baseball, and NASCAR, could attract substantial capital in a partnership with a betting company. It remains to be seen if this is enough to resurrect FOX Bet, but Murdoch remains confident in the company’s ability to benefit from the growth of sports wagering in the United States.

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