FOX Sports Raises the Stakes with Launch of ‘FOX Bet’ Sports Wagering Venture with The Stars Group
Washington, DC - The legal sports betting market in the United States has a new contender, already an odds-on favorite in sports media. FOX Sports announced the planned launch of a first-of-its kind national media and sports wagering partnership in the United States with The Stars Group (TSG), a global gaming and interactive entertainment provider. The up-to 25 year relationship, on which Paul Hastings advised FOX Sports, will include the launch of a nationwide free-to-play game, as well as FOX Bet, which will give customers in states with regulated sports betting the opportunity to place real money wagers. The new relationship will allow for an unprecedented integration of wagering into sports media, an area in which FOX Sports is already recognized leader.
“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,” said Eric Shanks, CEO and Executive Producer of FOX Sports. “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.”
As a part of the relationship, FOX Sports will take a 4.99% stake in TSG, valued at $236 million. FOX Sports also receives the right to acquire up to a 50% equity stake in TSG’s U.S. business before the tenth anniversary of the agreement.
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