Rupert Murdoch, the owner of Fox Corporation, is reportedly planning to increase his stake in FanDuel. Owned by Flutter Entertainment, FanDuel is among the top sports betting operators rapidly increasing its presence by entering more US regulated markets.
Fox Corporation to Increase Stake in FanDuel
American media mogul, Rupert Murdoch, maybe planning to invest further in the growing sports wagering industry in the United States. The US sports betting expansion started in 2018. Back then, the Supreme Court struck down the Professional and Amateur Sports Protection Act (PASPA). Before the Supreme Court deemed it unconstitutional, PASPA restricted sports betting to Nevada for more than two decades.
Consequently, the processes related to legalization and regulation were left to the lawmakers in each state. Since then, more than a dozen states have legalized some form of sports betting. On the other hand, more than a dozen states are in the process of legalization.
Undoubtedly, the rapid expansion of sports betting has increased the competition. Currently, FanDuel, DraftKings, and BetMGM are the major players on the market. Considering the continuously growing sports betting market, the media mogul Murdoch may be planning to increase his stake in FanDuel, according to The Telegraph.
Fox Corporation, owned by Murdoch may be planning to buy more FanDuel stocks from the owner Flutter Entertainment. Currently, the company is one of the biggest shareholders with a stake worth $1.16 billion in Flutter shares.
FanDuel Continues to Grow on the US Market
This is not an unexpected move, considering that FanDuel focused on expanding its presence and launching its services in more US states. Only recently, in January, FanDuel was the first sportsbook to launch in Virginia. The operator got a jump start over all 20 applicants thanks to a partnership with the Washington Football Team (WFT).
Furthermore, WFT and FanDuel agreed to donate $1 million to the United Negro College Fund (UNCF) last month. The generous contribution would be used by Virginia’s five Historically Black Colleges and Universities (HBCU) as a student emergency aid fund.