FOX Bet, online gambling partners launch in Michigan
Michigan becomes the latest state to offer FOX Bet
Bullpen Capital founder and managing partner Paul Martino on the rise of sports betting and gambling restrictions in different areas.
FOX Bet, along with Pokerstars and Stars Casino, officially launched its sports betting and online gambling products in Michigan on Friday following another major sports-betting app that was approved in the state earlier this month.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FOXA | FOX CORP. | 45.38 | -0.26 | -0.57% |
Customers will be able to have one wallet for all three apps once downloaded. Bettors will be able to place wagers on professional sporting events as well as take part in poker tournaments and other real-money games the services have to offer if they choose.
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“The key differentiators for us have always been our valued partnership with the FOX Corporation and the strength of our industry leading FOX Bet Super 6 product combined with the PokerStars business and we plan to lean into these unique assets as we launch in Michigan,” Kip Levin, FOX Bet CEO, said in a news release. “Behind FOX Bet Sportsbook, PokerStars and Stars Casino, customers create one account for all three apps, unlocking a wide variety of exciting and entertaining options to supercharge the experience for our Michigan audience.”
FOX Bet is already offered in Pennsylvania, New Jersey and Colorado. Michigan is the fourth state to approve the betting service.
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Michigan legalized sports betting in December 2019 and casinos began taking in-person sports bets in March 2020. Online sports betting was introduced earlier this month with FanDuel and Penn National Gaming as some of the apps emerging on the markets.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PENN | PENN ENTERTAINMENT INC. | 20.10 | -0.68 | -3.27% |
The Barstool Sportsbook mobile app launched in Michigan last week with an iCasino on the way as well.
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A report by VIXIO GamblingCompliance estimated that that at least six and as many as 14 additional states will legalize or expand sports betting within the year.
FOX Bet, PokerStars and Stars Casino are ultimately owned by Flutter Entertainment.