Fox Corporation To Increase Stake In FanDuel

The Fox Corporation is lining up a move to increase their stake in FanDuel as the company sees the huge potential for sports betting in the US.

Rupert Murdoch the media tycoon who controls Fox already has an involvement in FanDuel and Fox Bet through a previous arrangement with the Stars Group prior to their merger with Flutter Entertainment.

Indeed Fox Bet was developed for the media company but has not grown in the way that FanDuel has and now Mr Murdoch wants more of the action in FanDuel.

According to reports the Fox Corporation will increase their stake in FanDuel by some 20% later this year through an agreement with Flutter. Mr Murdoch and his company already is one of the largest stakeholders of the Flutter Group with a 2.5% share of the online gambling firm worth £650 million.

With sports betting in the US growing rapidly and FanDuel being the largest operator in the US already it is clear that Fox Corporation see it as a great opportunity. At present Fanduel is larger by revenues than their second and third placed competitors combined.