(Reuters) – Fox and Flutter Entertainment plan to wind down their sports-betting business called Fox Bet starting as early as next month, Bloomberg News reported on Friday, citing people familiar with the plans.
Flutter will retain the customer database and market-access agreements associated with the business, while Fox will keep rights to the brand and its option to buy an 18.6% stake in FanDuel, a unit of Flutter, the report said.
Fox and Flutter declined to comment when contacted by Reuters.
An announcement regarding the closure could come as soon as July 31, according to the Bloomberg report.
Fox partnered with Canadian online gambling company The Star Group to launch Fox Bet in 2019. The relationship between the partners changed when Star was acquired by Flutter.
Fox sued Flutter in 2021 in a case related to exercising its option to buy the 18.6% stake in FanDuel, one of the world’s biggest fantasy sports companies, as both parties differed on the price of the stake.
(Reporting by Yuvraj Malik in Bengaluru; Editing by Devika Syamnath)
