Flutter Buys Boyd Gaming’s FanDuel Stake for $1.75B, Securing Full Ownership

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Flutter Entertainment is set to acquire Boyd Gaming’s remaining 5% stake in FanDuel for approximately $1.755 billion, solidifying its full ownership of the leading online sports betting and iGaming platform. This strategic move, expected to close in Q3 2025, will see Boyd Gaming utilize the proceeds to reduce debt and extend its market-access partnership with FanDuel through 2038.

Flutter Secures Full Ownership of FanDuel

Flutter Entertainment, the parent company of FanDuel, has reached an agreement to purchase Boyd Gaming’s 5% equity interest in FanDuel for $1.755 billion in cash. This transaction will grant Flutter 100% ownership of FanDuel, a move that values the online betting giant at an implied $31 billion.

Peter Jackson, CEO of Flutter, highlighted the acquisition of FanDuel in 2018 as a "transformational event" for the group, praising its growth into a clear leader in the U.S. online sports betting and iGaming markets. He expressed satisfaction in increasing Flutter’s ownership to 100% and extending the partnership with Boyd.

Strategic Benefits for Both Companies

This deal offers significant advantages for both Flutter and Boyd Gaming:

For Flutter:
For Boyd Gaming:

Operational Changes and Financial Outlook

As part of the agreement, FanDuel will continue to operate Boyd’s retail sportsbooks outside of Nevada until mid-2026, at which point Boyd will assume responsibility for these operations. Boyd Gaming’s President and CEO, Keith Smith, emphasized that the transaction "unlocks the tremendous unrealized value" of their FanDuel investment, positioning the company for continued strategic execution.

Flutter plans to fund the acquisition through additional debt financing. The transaction is contingent on regulatory approvals and is anticipated to conclude in the third quarter of 2025.

Key Takeaways

Flutter Entertainment will gain 100% ownership of FanDuel by acquiring Boyd Gaming’s 5% stake.
The deal is valued at approximately $1.755 billion, implying a $31 billion valuation for FanDuel.
Boyd Gaming will use the proceeds to reduce debt and enhance its financial stability.
The strategic partnership between Flutter/FanDuel and Boyd Gaming is extended until 2038.
Flutter anticipates significant annual savings in market access costs.
Boyd Gaming expects substantial operating income from its online segment under the new agreements.