FOX Sports teams with Stars Group in sports betting deal
FOX Sports and The Stars Group are partnering up to produce two sports betting products aimed at the new opened US regulated sports betting market. It’s a historic deal (for the US anyways) that marks the dawning of a new era of partnerships between US sports media and gambling operators. It could also set the model for how sports media and sportsbooks operate in the future.
Under the terms of the deal, Fox Sports will acquire about 5 percent of The Stars Groups in the form of a $236 million investment, which will come in the form of 16,000 shares of the company. Once the shares are issued, the two companies’ partnership is set to last for 25 years.
Once the partnership is rolling the two companies plan to launch two sports betting products to a national audience. One of the products will be a free-to-play fantasy sports betting game that will be available to players across the country. The other product will be a real money sports betting mobile app that’s available to players in states where sports betting is legal.
In a press release from FOX Sports, Eric Shanks, Chief Executive Officer and Executive Producer of the company celebrated the deal saying, “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.”
Tags: Sports Betting