Online betting firm Flutter Entertainment and broadcaster Fox Corporation will close US sports betting platform FOX Bet, the companies said today.
Paddy Power owner Flutter, the world's largest online betting company, owns the market leading Fanduel brand in the US.
It has said that FOX Bet contributed less than 3% to its revenue of £2.6 billion in the fast growing US market last year.
Flutter is aiming to return to profit this year after a $313m US loss in 2022.
The FOX Bet and PokerStars brands were responsible for $91m of that loss and Flutter chief Peter Jackson said in March he expects "between half and two-thirds of that to go away" if FOX Bet was no longer operational.
A profitable year would likely make the Dublin-based firm the first operator to turn a profit in the US following the 2018 lifting of a nationwide ban on sports betting.
A phased closure of FOX Bet's operations will take place between July 31 and August 31, the companies said.
FOX will retain future use of the FOX and FOX Bet brands, including FOX Bet Super 6, and said it intends to launch a new FOX Super 6 game later this summer.
Fox partnered with Canadian online gambling company The Stars Group to launch Fox Bet in 2019. Flutter agreed to buy The Stars Group later that year.
FOX will continue to hold its option to acquire 18.6% of FanDuel in addition to its 2.5% stake in Flutter.
