Murdoch was appointed chief executive of Fox Corp in March this year, setting off a wave of media coverage about the famous family's succession dynamics and the challenges faced by its businesses.

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One of his first key initiatives in the role was quite literally a corporate bet: Fox agreed to pay $US236 million for a 4.99 per cent stake in Stars Group, as part of a wide-ranging strategic partnership. In doing so, Fox became the first major media company to look to directly profit from a US Supreme Court ruling that effectively legalised sports betting in the world's bigest economy.

Fox Corp houses the Murdoch family's US entertainment assets that were left over after it sold its global film studio and television businesses to Disney last year. Those reamining assets include the controversial but top rating Fox News 24-hour cable channel, the Fox broadcast TV network, and the Fox Sports pay TV business.

Fox Sports has thus fair failed to unseat Disney controlled ESPN from its dominant position in US pay TV sports. But by pushing into gambling it has at least stolen the march on its rival on one front.

Stars and Fox launched a 50-50 sports gambling joint venture 'Fox Bet' in Pennsylvania and New Jersey in September, with plans to roll out the service nationwide.

And now, as part of the Stars-Flutter merger, Fox secured an option to acquire a 18.5 per cent equity stake in Flutter's American sports betting business, FanDuel.  This could end up being significant, given some investors believe Fan Duel is the business with the most potential for growth inside the entire merged entity.

If approved, it will create the world's largest online gambling company - one that could pose a formidable threat to the dominant local player, ASX-listed Tabcorp.

Analysts have estimated that around $US150 billion is wagered on sports in America annually. Up until recently, that was mostly illegally. In an environment where sports-betting is fully legal, the industry is widely expected to grow significantly.

The deepening relationship between betting companies and sporting bodies is concerning for anti-gambling advocates.  Yet from a cold-harded business perspective there is a symbiotic relationship between the two industries.

Analysts believe betting on sport lifts interest in games considerably, in turn boosting television ratings. That gives networks bigger audiences to sell to advertisers.  And, in markets where sports betting is legal (such as Australia), betting companies are among the heaviest advertisers.  Stars already struck a successful sports betting partnership with Murdoch controlled Sky Sports in the UK.

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It isn't just media companies pushing into gambling, either. The reverse is also happening. Last month, Tabcorp struck a landmark deal with America's National Football League.

The $10 billion valued ASX listed giant will become the NFL's betting partner in Australia, and as a result picked up key broadcast rights for the league in Australia.

Morgan Stanley analysts said last week it was too early to tell whether the Stars/Flutter merger would negatively impact Tabcorp.

But one question that is already being asked in media industry circles is whether Murdoch may consider rolling out the playbook Fox is using in the US and UK in Australia.

Foxtel (confusingly) is housed within the Murdoch family's other listed vehicle, News Corp, alongside global publishing assets.  Regardless, the pay TV business has been struggling financially, and its hunger for new revenue streams cannot be discounted.