Flutter Entertainment announced earlier this week that it is shutting down the operations of Fox Bet Sportsbook before the start of the NFL season.
With the shuttering of Fox Bet, the Keystone State is down to 13 PA online sportsbooks.
Fox Bet generated little market share in Pennsylvania, and the other states it operated in, too. Fox Bet had a sportsbook in New Jersey, Michigan and Colorado.
Flutter will put its full focus into FanDuel PA Sportsbook, which has dominated Pennsylvania since launching in 2020.
Fox Bet no longer taking bets on Pennsylvania sportsbook
Flutter released a statement that the company will be shutting down the operations of Fox Bet Sportsbook between July 31 through the end of August.
When arriving on Fox Bet’s website, the following message is displayed:
“We regret to inform you that as of July 31, 2023, Fox Bet is no longer accepting bets.”
The website instructs customers to log into PokerStars Casino, Fox Bet’s partner, to either play out the remaining funds or withdraw from the account.
Fox gets to retain the brand for future use and has the option to acquire 18.6% of FanDuel. In addition, it holds a 2.5% stake in Flutter.
Fox Bet gradually lost PA sports betting market share
Fox Bet has been part of the Pennsylvania sports betting market since Sept. 2019. While Fox Bet was never a top five sports betting app in PA, it still held its own with the likes of betPARX, BetRivers and even BetMGM, for a while.
Fox Bet, partnered with Mount Airy Casino, got off to a good start in 2021. It generated the following handle and revenue:
January 2021: $27.3 million / $1.8 million
February 2021: $18.7 million / $909,239
March 2021: $18.4 million / $907,025
Even during slow summer months, Fox Bet compiled $13.2 million in total bets and $952,435 of revenue in June 2021. As more online options started to flood the market, Fox Bet started to fall by the wayside.
This past June, Fox Bet only recorded $3.7 million in handle and $250,372 in revenue. The brand ranked 12th out of the 14 PA sportsbooks in handle.
Available PA sports betting licenses
The Pennsylvania sports betting market is shrinking, with TwinSpires Sportsbook, partners with Presque Isle Downs, also shutting down operations recently. Now, with Fox Bet also closing up shop, that leaves another license available for an operator to take. Mount Airy Casino and Presque Isle Downs hold sports betting licenses but do not have an outside partner to work with.
According to the Pennsylvania Gaming Control Board (PGCB), there are four retail casinos without a sports betting license:
Lady Luck Nemacolin
Live! Casino Pittsburgh
Bally State College
Bet365 Sportsbook is next on the list to join the Pennsylvania sports betting market. The UK-based company applied for a sports betting license in February, but has yet to partner with a PA casino, the PGCB said. Fanatics Sportsbook is also entering the fray after acquiring PointsBet’s assets and partnership with Hollywood Casino York.
It remains to be seen whether or not any more operators want in on Pennsylvania.