FOX Betting will target casual players and smaller bets, similar to Sky Bet and as a tool for Fox Sports to attract fans, FOX Bet CEO Robin Chhabra told Reuters before leaving.
Another quality that the app will share that users can request to bet via social media platforms with the hashtag #CustomBet.
Risks for media companies getting into sports betting
Sun Bets, another partnership between the newspaper owned by Murdoch The Sun, a unit of News Corp (Northwest) and Australian gambling group Tabcorp Holdings (TAH.AX), closed in 2018 after disappointing financial performance.
However, the attractiveness of ad revenue and the potential to draw fans deeper in live sports broadcasts inspired another media company.
Another media company is also racing to launch a new sports betting platform during the start of the US football season. The national football federation starts the regular season on Thursday. TheScore Inc (SCR.V), a small Toronto-based sports news app, plans to launch and run its own sports book, blurring the line between media and home. gambling operator.
This activity comes after a U.S. Supreme Court decision in May 2018, reversed a federal ban on sports betting outside Nevada, and 13 states now offer it. FOX Bet has launched its application on iOS platform of Apple Inc and on Google Google Android operating system in New Jersey and is expected to be launched later in other states.
Who will take lead in the TSG partnership?
FOX Sports CEO and Executive Producer Eric Shanks takes the lead in the TSG partnership
Fox employees have worked closely with TSG developers on the app, participating in daily production meetings and integrating brands and talent, Chhabra said. Fox in May invested $ 236 million in a 4.99% stake in TSG.
TSG is expected to break even in 2022 on FOX Bet, with $ 40 million invested this year, including $ 10 million in licensing fees in each of New Jersey and Pennsylvania, Chhabra said. Separately, FOX Sports is also expected to offer a free prediction game to play nationwide.