Fox Sports Acquires Belmont Stakes TV Rights

Thoroughbred horse racing event Belmont Stakes will now be broadcasted by Fox Sports after recently the company acquired the media rights for it. This was possible after the media company signed a deal for the acquisition from NBC Sports, in a deal worth over US$12 million. Now, projections suggest that Fox Sports would be able to quadruple the amount paid for the rights.

Fox Sports has offered an annual fee of US$5 million to NBC Sports, and its sister company Fox Bet is also expected to offer an extra US$7 million to title sponsor the oldest Triple Crown event. Fox Bet is a partnership between Fox Sports and Flutter Entertainment, which was created back in 2019 and now will also have access to the horse racing events.

Highly Beneficial Agreement

According to reports from New York, Fox Sports’ deal should go into effect with the 2023 Belmont Stakes. However, the company could acquire the rights earlier and broadcast the race in 2022, which is scheduled for June 12, 2022. NBC has been in possession of the rights for Belmont Stakes since 2011, and now it will be left with the Kentucky Derby and Preakness Stakes.

Also, this year, Fox Sports announced a deal with the New York Racing Association to broadcast daily racing events from Belmont Park and the Saratoga Race Course. The deal will continue to at least the year 2030, and the agreement has also made the corporation the official betting partner of the association’s NYRA Bets.

The recent agreement could be more great news for Fox Bet as experts from the state’s gaming industry believe that it could be a way for the company to acquire a license for a mobile sports wagering operator in the Empire State. Previously, the New York State Gaming Commission revealed the licensees and the company did not make the list.

Currently, the betting company operates in only four states across the USA – New Jersey, Pennsylvania, Michigan, and Colorado. It uses Fox Sports’ biggest superstars such as Terry Bradshaw and Colin Cowherd to promote its brand. The latest deal is going to be beneficial for both the company and NYRA as the former is set to sponsor the Belmont Stakes.

New Legislations

More news from the Empire State’s horse racing industry saw the state legislature introduce a new bill to protect racehorses from slaughter. Last week, Governor Kathy Hochul signed a bill, which makes the slaughter of racehorses and breeding stock an offense. The misdemeanor will be punishable by a fine which would result in up to a US$1,000 fine per horse.

Previously, Senator Joseph Addabbo Jr. has sponsored a bill that would largely benefit the live harness industry in the state. The Senator’s idea is to have the state’s new mobile sports betting operators offer fixed-odds betting on races from the state’s racing tracks when online sports betting goes live in Q1 of 2022. However, his bill will be reviewed in January at the earliest.

Source: McCarthy, Michael “Fox Sports Makes $12M Bid For Belmont Stakes”, Front Office Sports, December 3, 2021