TSG appoints Robin Chhabra to lead Fox Bet business
US brand to be led by Stars corporate development chief Robin Chhabra, former Sky Bet MD Ted Moss and ex-Grand Parade owner Andy Clerkson
The Stars Group has named chief corporate development officer Robin Chhabra as the CEO for FOX Bet, its US betting business establsihed in partnership with FOX Sports.
Chhabra joined TSG from William Hill in 2017 to drive its M&A efforts and led the acquisitions of Sky Bet and William Hill Australia in the last two years.
Former Sky Bet MD Ted Moss and ex-Grand Parade owner Andy Clerkson will also form part of FOX Bet’s senior management team, the operator announced this morning during an analyst call.
TSG CEO Rafi Ashkenazi said he expected the business to generate a net revenue of $9bn by 2025 thanks to FOX Sports’ 80% brand awareness in the market.
It also confirmed it aims to replicate Sky Bet’s success in the UK and its high customer loyalty percentage of 60% with the new FOX Bet venture.
Chhabra said FOX Sports customers fit the same profile as Sky Bet users.
In time, the operator will seek to cross-sell its new US brand with PokerStars and its CasinoStars brand. BetStars will not be operational in the US.
The FOX Sports deal has the potential to grow into a 50/50 joint venture, with FOX able to exercise a call option in the next ten years.
Under the current agreement FOX has just under 5% of the business and TSG is required to pay brand and affiliate fees to the media giant. Those fees would stop if Fox became a full partner.