According to the order notice, the fine relates to a breach of gambling regulations in 2021 when the sportsbook accepted wagers on prohibited sporting events that involved in-state college teams.
New Jersey gaming regulations state that sports betting operators do not offer odds nor accept wagers on college sporting events that involve in-state teams or athletes.
NJ Gambling Regulator Fines FOX Bet Ahead of Sportsbook ClosureThis was followed by more wagers accepted on New Year’s Eve 2021 on the game between Fairleigh Dickinson University and St. Francis University. The sportsbook breached rules once again the following January by taking bets on two more fixtures.
Discussions between all concerned parties have resulted in the decision being taken by NJDGE Director David Rebuck to order that the full $80,000 penalty be paid by the holding company of FOX Bet, TSG Interactive US Services.
Fine imposed days before closure
The news of the financial penalty comes just days before the scheduled closing down of FOX Bet. Parent company Flutter Entertainment announced the closure citing poor performance. In its latest financial report Flutter stated that FOX Bet contributed less than 3% to the company’s total U.S. revenue figure of $3.3 billion / £2.6 billion / €3.03 billion in 2022.
NJ Gambling Regulator Fines FOX Bet Ahead of Sportsbook Closure.U.S. fines top $717k so far in 2023
So far in 2023, U.S. gaming regulators have issued $717,964 in fines to gambling operators. The largest fine so far in 2023 was issued by the Colorado gaming regulator. It fined Monarch Casinos & Resort $400,000 for allowing sportsbook employees to place proxy bets on behalf of out-of-state customers.
