Fox Sports, part of US network Fox, has combined with The Stars Group to launch Fox Bet, described as a first-of-its kind national media and sports wagering partnership in New Jersey.
Fox Bet has replaced the BetStars brand in the Garden State and will operate alongside PokerStars and PokerStars Casino, which have been retained.
The commercial agreement is scheduled to be in place for up to 25 years, with Fox Sports having acquired a 4.99% stake in Stars for circa $236m. Under the terms of the partnership, Fox Sports has the right to acquire up to 50% equity stake in Stars’ US business up until the 10th anniversary of the commercial agreement. Any such move would be subject to conditions and approvals.
Fox Bet will enable sports fans in New Jersey to wager on live sports and facilitate access to Fox Sports content, instant scores, stats, alerts and odds updates as well as up-to-the-minute news, expert insight and commentary from Fox Sports’ team of broadcasters and analysts.
In a statement to Reuters, Fox Bet Chief Executive Robin Chhabra said: “If you’re a sports fan in New Jersey, Fox Bet is a game changer. Fox Bet combines decades of expertise in content-rich programming and regulated online gaming to drive a superior, integrated and interactive live viewing experience for our customers found nowhere else in the United States.”
He also told the news agency that Fox Bet will target casual betters and smaller wagers and be used as an engagement tool for Fox Sports to win new fans. The Stars Group, he added, is expected to break even in 2022 on Fox Bet, with $40m invested this year, including $10m licensing fees in each of New Jersey and Pennsylvania.