Fox Sports is launching Fox Bet, and has become the first major American sports network to make a move into gambling. The purchase of a 5% stake in The Stars Group – the parent company of PokerStars – will allow Fox Sports to acquire half of the group’s US business after a decade.

It marks the first time a major US broadcaster has moved directly into gambling, with the restrictive regulations previously hindering any potential tie-ups. Now the broadcaster looks to be buying into gambling and will likely use its network and sports content to cross-promote gambling across its properties.

Eric Shanks, chief executive and executive producer of Fox Sports, said: “Digital sports wagering represents a growing market opportunity that allows us to diversify our revenue streams, connect directly with consumers, and expand the reach of the Fox Sports brand.”

More on Fox Bet at The Drum.