Despite being one of the most well-known brands in US sports broadcasting and streaming, Fox Corporation (NASDAQ: FOX) has no intention of using its position to enter the sports betting market.
CFO Steven Tomsic stated at UBS' 2025 Global Media and Communications Conference on Monday that the media giant isn't considering going back into sports betting. News Corp (NASDAQ: NWSA) and Flutter Entertainment (NYSE: FLUT), which acquired the Stars Group in 2020, discontinued FOX Bet in July 2023.
Fox became an investor in the gaming company through Flutter's acquisition of Star, and it currently holds 2.5% of the FanDuel parent. At the UBS conference, Tomsic stated that the share is valued at $900 million.
FOX Bet's demise in 2023 was hardly unexpected. Flutter had been openly pushing FanDuel while neglecting FOX Bet for years. The FOX Bet branding is still owned by the broadcasting corporation.
Rumors circulated shortly after FOX Bet's demise that the broadcast behemoth was trying to revive the company and was in discussions with other gaming companies about doing so. Nothing came of it. In 2025, it seems that Fox is happy to be an investor in sports betting.
"We have enormous respect for what Flutter brings to the table in terms of sports betting prowess,” said Tomsic at the UBS conference. “We’re happy as a sports business to bring the sports broadcasting element to it.”
It could be a good idea for Fox to avoid betting on sports. The DraftKings/FanDuel duopoly has been impossible for almost all newcomers to challenge in the fiercely competitive US market. Numerous operators, including those with well-known names, have given up because they were unable to secure a sufficient market share in the US sports betting landscape.
These initiatives are expensive, and Fox could be better suited saving money to strengthen its balance sheet while expanding other profitable ventures. In a related vein, Tomsic stated that the business is not actively seeking mergers and acquisitions in the foreseeable future.
Although Fox is not directly involved in the consumer-facing or business-to-business aspects of the sports betting market, it is exposed to the latter through its option to purchase 18.6% of FanDuel. These rights are available to the media organization until 2030.
According to Fox, 18.6% of FanDuel is worth $6.5 billion, as the company was previously valued at $35 billion. But the July 2025 deal in which Flutter bought Boyd Gaming's outstanding 5% stake in FanDuel suggested that the sportsbook was valued $31 billion at the time, which is $4 billion less than Fox's estimate.
Nevertheless, Fox is positioned to profit from the expansion of sports betting without having to get involved in the business thanks to the rights to purchase 18.6% of FanDuel.
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