FOX Bet’s failure did not come without the best efforts of the namesake company, FOX. FS1 network shows and other sports broadcasts commonly referenced the platform as a source for betting odds and lines and encouraged customers to sign up for promotions.
At the same time, the shortcomings are far from unprecedented in the sports betting landscape. Other companies such as MaximBet have been forced to shutter operations, and even leads such as FanDuel and DraftKings have been forced to cut costs, whether in the way of employee lay-offs, limited promotions, or other frugal-focused efforts.
Regardless of the reasoning, another competitor is off the board. That will help the “Big Four” operators—the largest corporations in sports betting—solidify their ever-increasing grasp on the market.
If there is going to be a new company to challenge any of the industry leaders for position, it appears to be Fanatics. The company recently acquired PointsBet’s North American assets for $225 million and has opened or is preparing to open multiple retail sportsbooks across the country.
One of those retail locations is at FedEx Field, home of the Washington Commanders, who were recently sold to a group led by Josh Harris, Ervin “Magic” Johnson, and others. Fanatics appears ready to heavily invest in the sports betting space after amassing an impressive catalog of trading cards (via an acquisition of Topps), online memorabilia, and other collectibles.
