Fox launches sports betting platform and app in New Jersey

Fox Corporation launched FOX Bet sports betting platform on Monday in New Jersey, operated through a first-of-its kind national media and sports wagering partnership between FOX Sports and The Stars Group. It lent its national name brand recognition, stars, expert commentary and news to attract casual betters.

FOX Bet allows real-money wagers on the outcome of a wide range of live sports and special events including football, baseball, hockey, motor sports, golf, tennis and soccer. It also offers access to Fox Sports content, instant scores, stats, alerts and odds updates as well as up-to-the-minute news, expert insight and hall-of-fame commentary from Fox Sports' all-star team of broadcasters and analysts.

Several Fox Sports on-air personalities are featured on FOX Bet, including First Things First analysts Cris Carter and Nick Wright; Lock It In experts Cousin Sal, Todd Fuhrman, Clay Travis and host Rachel Bonnetta; host of The Herd, Colin Cowherd; and FOX NFL Kickoff host Charissa Thompson.

"If you're a sports fan in New Jersey, FOX Bet is a game changer," said Robin Chhabra, Chief Executive Officer of FOX Bet. "FOX Bet combines decades of expertise in content-rich programing and regulated online gaming to drive a superior, integrated and interactive live viewing experience for our customers found nowhere else in the United States."

The FOX Bet app is now available for download on iOS and Android in New Jersey, and also available via Internet and the PokerStars desktop client software. It is expected to later roll out in other states. FOX Bet customers can also access exclusive promotions with hundreds of ways to win, including sign-up and deposit bonuses with no red tape, enhanced prices, top offers, Daily Bet Boosts and brand new Custom Bets. 

Entertainment giants from Walt Disney Co to AT&T Inc’s Warner Media have waded into the red hot sports betting arena, which experts project could generate $9 billion of revenue over the next few years in gambling revenue. But most have relied on creating new shows and providing commentary and have kept an arms-length distance from actual gambling.

Big media companies are worried that crossing the line into letting its viewers place bets could damage their brands if it comes off as disreputable, experts said, according to Reuters. “Those are pretty heavy questions, especially for multibillion-dollar media behemoths that aren’t accustomed to turning on a dime,” said Chris Grove, a managing director at analytics firm Eilers & Krejcik Gaming LLC.

Fox comes to the field with experience. It is its owner Rupert Murdoch’s third foray with fronting a sports betting service. Murdoch’s Sky, now owned by Comcast Corp, struck a similar deal with TSG to create Sky Bet, a U.K. sports betting partnership. “They can point to that model and say, this looks successful in the U.K.,” Grove said.

FOX Bet will target casual betters and smaller wagers, similar to Sky Bet, and be a tool for Fox Sports to engage fans, Robin Chhabra told Reuters ahead of the launch. Another quality the apps will share: users can request a bet through social media platforms with the hashtag #CustomBet.

But there are risks for media companies diving into sports betting. Sun Bets, another partnership between the Murdoch-owned newspaper The Sun, a unit of News Corp, and Australian gambling group Tabcorp Holdings, closed in 2018 after disappointing financial performance. However, the lure of ad revenue and a potential to engage fans more deeply in live sports broadcasts inspired another go at it for media companies.

Another media company is also racing to launch a new sports betting platform in time for the start of the U.S. football season. The National Football League (NFL) starts regular season play on Thursday. TheScore Inc, a small Toronto-based sports news app, plans to launch and run its own sportsbook, blurring the line even more between media company and gambling operator.

FOX Sports Chief Executive Officer and Executive Producer Eric Shanks spearheaded the TSG partnership. Fox employees have been working closely with TSG developers on the app, joining daily production meetings and integrating branding and talent, Chhabra said.

Fox in May invested $236 million for a 4.99% stake in TSG, which expects to break even in 2022 on FOX Bet, with $40 million invested this year, including $10 million licensing fees in each New Jersey and Pennsylvania, Chhabra said.

Separately, FOX Sports is also expected to offer a free-to-play predictive game nationally.