Fox Bet, the online gaming platform owned by Fox Sports, has announced plans to shutter its gambling operations. The company cited difficulties in continuing the business and explained that its target audience had not materialized as it had anticipated.

The sports-betting service stated that it will be winding down its operations in the near future, beginning with a gradual closure over the next several weeks. Its customers will be given the opportunity to withdraw any active funds and will be given access to help and support regarding the process. The company said that its customers should expect the process of closure to be complete within the next two months.

Fox Bet had been launched in September 2019 with the ambition of becoming a major player in the growing sports-betting industry. It was part of a joint venture between Fox Corporation and the Stars Group, an online gaming and gambling provider. The business was meant to capitalize on the increasing popularity of sports betting and the recent legalization of sports gambling in markets across the United States.

Evidently, the venture did not meet expectations and the business is being shut down. According to the company, the closure is the direct result of its inability to access the desired market and customer base. It is unclear if there will be any further attempts to relaunch Fox Bet or if the joint venture between Fox Corporation and the Stars Group will remain.