Fox Sports has partnered with sports betting giant, The Stars Group Inc for the launch of its debut US strategic joint venture ‘FOX Bet.’
The long-term commercial agreement will see FOX Sports provide The Stars Group with an exclusive license to use selected FOX Sports trademarks’.
The partnership will see The Stars Group and FOX Sports launch ‘two US products in the fall of 2019’, one being sportsbook ‘FOX Bet’, whilst the other will be a free-to-play portal awarding customers with real money prizes and rewards.
Eric Shanks, Chief Executive Officer and Executive Producer of FOX Sports commented on the newly formed partnership: “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.”
The commercial agreement will be followed up with Fox Corporation’s acquisition of 14,352,331 newly issued common shares in The Stars Group, representing 4.99% of its issued and outstanding common shares, at a price of $16.4408 per share, the prevailing market price leading up to the commencement of exclusive negotiations.
Confirming the agreement, Rafi Ashkenazi, Chief Executive Officer of The Stars Group added: “We believe this strategic partnership uniquely positions us to build a leading betting business in the U.S., which represents one of the most exciting long-term growth opportunities for our company. Leveraging our proven media partnership strategy with Sky Sports in the UK, we are excited to partner with FOX Sports to integrate wagering into sports media and drive customer acquisition and retention in the U.S.”