Fox says it has no plans to re-enter sports betting, says CFO Steven Tomsic
Fox Corporation has no intention of re-entering the sports betting business, even as its presence in U.S. sports broadcasting gives it a strong foothold in the market, Chief Financial Officer Steven Tomsic said on Monday.
Speaking at UBS’ 2025 Global Media and Communications Conference, Tomsic said Fox is not looking to re-enter sports betting, signalling the company is content to remain an investor rather than return as an operator following the 2023 shutdown of its FOX Bet venture.
FOX Bet was wound down two years ago after News Corp and Flutter Entertainment ended the product, with Flutter having long prioritised its market-leading sportsbook FanDuel. Through Flutter’s 2020 acquisition of the Stars Group, Fox now owns 2.5% of Flutter, a stake Tomsic said is worth $900 million.
Despite exiting the market as an operator, Fox still holds significant exposure to U.S. sports wagering. The company retains an option to acquire 18.6% of FanDuel through 2030. Fox previously valued the sportsbook at $35 billion, implying its option was worth $6.5 billion, although a July 2025 Flutter transaction with Boyd Gaming valued FanDuel at $31 billion.
Rumours that Fox might revive FOX Bet after its closure never materialised. Tomsic indicated the company is instead focused on supporting Flutter’s operations through its media assets.
“We have enormous respect for what Flutter brings to the table in terms of sports betting prowess,” Tomsic said. “We’re happy as a sports business to bring the sports broadcasting element to it.”
Fox’s decision to stay on the sidelines reflects the industry’s intense competitive landscape. The U.S. sports betting market remains dominated by a DraftKings/FanDuel duopoly, while several well-known brands have withdrawn after failing to build meaningful market share. Re-entry would be costly, and Tomsic said the company is not actively pursuing mergers and acquisitions in the near term, citing a desire to conserve capital and fortify the balance sheet.
While Fox continues to own the FOX Bet branding rights, any return to operating a sportsbook appears unlikely. Instead, the company aims to benefit from the sector’s growth through its investment in Flutter and its option on FanDuel, a structure that provides upside without the operational and financial burdens of running a betting platform.
Fox’s stance suggests that, at least for now, its role in sports wagering will remain that of a major broadcaster with strategic equity exposure rather than a direct competitor in the crowded sportsbook market.
https://www.yogonet.com/international/news/2025/12/12/116727-fox-says-it-has-no-plans-to-reenter-sports-betting-says-cfo-steven-tomsic