Recently, the people over at Fox Sports announced their new plan to roll out Fox Bet.
Although DraftKings and FanDuel, Daily Fantasy Sports providers, moved into sports betting quickly, Fox Sports is the first big media company to take the dive into legal sports betting.
As such, the anticipation for Fox Bet is quite high. As of right now, not much information is known about the newly proposed online betting service, but if we take a look at another bookmaker or two, we can see how the system will probably look.
What is Fox Bet?
As mentioned above, Fox Sports will be running Fox Bet in conjunction with the Canadian gambling company The Stars Group. Together, they have plans to launch two betting products that will be under the umbrella of Fox Bet.
- The first is a nationwide free-to-play game that awards a cash bonus and/or prize to people who have correctly predicted the outcomes of certain games. This portion of the app seems like it will be rife with opportunities for many a Fox Bet bonus.
- The other gives an opportunity to place real money wagers on sporting events in states with legalized gambling. Use an anticipated Fox Bet promo code for a quick cash infusion. Apps and websites that run online betting and gambling operations are required to get a license to operate in each state on a state by state basis.
Most likely, this portion of the app will only be available only in certain states when it first launches, with many added as more states legalize sports betting.
When Can I Use Fox Bet?
Now, this is a very interesting question. Fox is expected to launch the new venture in the Fall of 2019 according to a statement made by the company. However, it is unclear how the app will look when it launches.
The new bookmaker will have to make sure the app is following legal online betting and sports betting guidelines. As these vary from state to state, getting the app up and running may be complicated.
Currently, New Jersey has the most competitive operational legalized sports betting market, with states like Pennsylvania coming up fast behind it. 80% of this New Jersey sports betting and online betting market is from FanDuel and Draftkings.
The new app by Fox will seek to surpass the success of both of these bookmakers to dominate the market both in New Jersey and nationwide.
So, the first online betting project under the Fox Bet umbrella, where customers can use a national free-to-play game that awards a cash bonus or bonus prizes to players who have correctly predicted the outcome of certain games, is going to launch nationwide in the Fall. This is because of the way certain online betting apps and games are classified and interpreted by gambling laws.
However, the second part of the app, which seeks to allow users to wager real money on sports events, will have a trickier time launching. This is because of the fact that online betting and sports betting are governed on a state by state basis. So, that means there are no blanket laws to allow the app to launch this portion of the app easily nationwide.
Fox will have to wait and launch this portion in the app on their own state by state basis. First, they will need to get licensed and operational in their chosen states. These will, of course, most likely be the states with already up and running legalized online betting and sports betting. These markets will already have bookmakers currently practicing in most cases.
As more and more states enact legal sports betting and legal online betting legislation, Fox Sports will be able to expand this portion of the app into these states.
How to use Fox Bet
Currently, there is very little information on this front. However, we can look at already operational bookmakers to see what this might look like. But, it is important to keep in the mind the fact that Fox is the first big media conglomerate to dip their toes into the legalized betting market, so their approach could be different as a result.
Usually, when looking at an online betting website, my first thought is to look for a welcome bonus or any other bonus offer. Most sites are desperate for new customers and will offer quite the enticing welcome bonus. In addition, the welcome bonus is usually offered immediately with registration, no bonus code needed.
A Fox Bet bonus is to be anticipated because they will want to try to poach customers from existing bookmakers. However, because Fox is a trusted brand, a Fox Bet bonus may not be as large as the welcome bonus from a smaller company.
A welcome bonus typically offers something in the vein of a 100% matching bonus cash deposit on your first deposit up to a certain amount.
It is expected that in order to use the app and/or website, you will need to complete a registration form. These registration forms will usually require you to fill out some personal information such as your full name, email, phone number, address, and sometimes a portion of your social security number.
Once you have completed the registration form, your account should be created.
How to Deposit & Withdraw
The next step is usually to deposit some money into your newly created account. However, if you are in a state that does not allow legal sports betting, you may not be able to or need to do this step.
Because the national portion of the app is free-to-play, if you live in a state where legal sports betting is not yet allowed, you may just be able to start playing the first portion of the app and earning Fox Bet bonus money/points.
But, if you are from a state that allows legal sports betting, this is where you would deposit money to use for your bets in your account. This can usually be accomplished using an accepted credit card by the platform, usually Visa or Mastercard, an eWallet system like PayPal, an ACH transfer/echeck, a bank transfer, or sometimes even a regular check.
Typically, you must use the same form of payment when withdrawing your winnings.
Once you have successfully created your account, whether it includes legal sports betting or not, it is always a good idea to check the website for any additional bonus offers.
There could be a seasonal Fox Bet bonus on the horizon for example, depending on the time of year or the sports season that is current.
Legal sports betting is now allowed on a state by state basis after a landmark ruling in the US Supreme Court only about a year ago in 2018. Because of this, make a new bookmaker has appeared in the year since, offering online betting to the states that have approved their own legislation.
Currently, in the United States, eight states are accepting sports events bets, plus three states, as well as Washington D.C., have approved legislation to follow in their footsteps. In addition, 23 states have introduced their own legislation and 7 states have expressed interest in doing so.
Only 9 states have not announced plans regarding their own legal sports betting. However, a total of fifteen states could legalize sports betting by the end of the year and as many as 30 by the following year.
This means that the Fox Bet app should be able to find a market in the states that are currently accepting sports events bets, with the other markets to roll out as legislation is enacted.
The terms of the deal are that Fox is paying around $236 million for a 4.99% stake in The Stars Group. The brand will hold the right to take a 50% equity stake in The Stars Group within the following 10 years.
In addition, as part of the deal, Fox will receive a brand license and integration plus affiliate fees as well as a minimum advertising commitment from The Stars Group.
As part of their end of the deal, The Stars Group will receive the use of Fox Sports trademarks. This will be used to launch the service, as part of a 25-year exclusive commercial license.
In addition, The Stars Group received advertising and editorial integration rights on some Fox Sports assets in the broadcast and digital realm.
This is a very exciting time for the sports betting and online betting world.
A large corporation such as Fox investing their resources into this market shows that it is only going to be expanding. Betting fans should check online to see if and when any updates on this exciting new platform are announced.