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00:04 >> So yesterday, well, Sunday night, Matthew, we got the word.
00:08 Fox Bet actually put out their own tweet, their own statement that they're no
00:12 longer taking bets.
00:13 I talked about this yesterday a little bit on the show.
00:16 And Mike Mazzio actually said that you probably could speak to more about this
00:20 than him.
00:20 But Matthew, the comment I made to Mike was Fox Bet felt like they were sort of in
00:25 this before FanDuel and DraftKings, which is really interesting because they had
00:31 the leg up, they had the NFL, they were advertising every single commercial,
00:35 the ability to bet.
00:37 This has to be considered a massive failure with the name that they have and
00:41 Fox did not even be able to operate at this point.
00:44 What happened?
00:44 >> Yeah, I don't know if I would call it a massive failure.
00:49 Craig, when you go back and you look at the entire situation.
00:53 Fox Bet originally partnered with a company called the Stars Group,
00:56 who owned Poker Stars and a bunch of different names that gaming people know.
01:02 And so their agreement to launch Fox Bet was announced,
01:06 I believe it was May of 2019.
01:10 Well, by October of 2019, Flutter,
01:14 who owns FanDuel, announced that they were buying the Stars Group.
01:18 So you had maybe what, five months of Fox Bet actually being the star product for
01:24 somebody to focus on and try to grow.
01:27 And then when Flutter comes in and buys the Stars Group, at the beginning,
01:30 they said, yeah, we're gonna run both brands.
01:33 We're gonna invest into both brands, we're gonna try to grow both brands.
01:39 They said everything that they were probably supposed to at that point.
01:42 And then it was just almost like Fox Bet fell off the face of the Earth, really.
01:50 We didn't hear too much at all about Fox Bet going forward.
01:54 I mean, you talk about all the advertising and having the NFL and
01:58 everything for Fox Bet.
01:59 But when did you hear anything about Fox Bet outside of Sundays, right?
02:05 So it really came down to Flutter just knowing how strong the FanDuel brand was,
02:12 and really not wanting to dilute their customer bases and
02:17 be trying to send this customer this way, this customer that way.
02:21 And so I think it makes perfect sense for them to shut down Fox Bet,
02:27 to not be supporting that.
02:28 And over the years to not really financially support it as much as it has
02:32 with FanDuel, I think it just makes sense.
02:38 It's one of those things though, because you're right, it's a tremendous name.
02:44 They had the Pick'em game going,
02:47 which you know was funneling customers into the sports book.
02:50 Yeah, it's gonna be weird to not hear about the Fox Bet brand anymore.
02:55 Now, Fox can still use that, the pick six game or
03:00 whatever it is exactly that they call it.
03:02 There's so many of them out there.
03:06 But so I think that is going to continue, but yeah,
03:09 I mean, it was just a rough break for Fox Bet.
03:14 If the Stars group never gets bought by Flutter,
03:18 Fox Bet is a totally different situation.
03:21 And then we're talking about a complete disaster scenario
03:25 if Fox Bet still turned out to be what it was.
03:28 But at this point, Flutter just picked its favorite kid.
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