Flutter secures full ownership of FanDuel in $1.8B deal
Flutter Entertainment has acquired the remaining 5 percent stake in FanDuel from Boyd Gaming for approximately $1.8 billion, securing full ownership of the US-based sports betting company. As part of the transaction, Flutter has also extended its strategic partnership with Boyd Gaming through to 2038.
A brief recap of 2018 acquisition
In 2018, Flutter Entertainment—then known as Paddy Power Betfair—acquired a majority stake in FanDuel. Since then, FanDuel has seen substantial growth in the US sports betting and iGaming markets. Now valued at $31 billion, the company’s full acquisition further strengthens Flutter’s position in the US gambling sector.
Flutter will pay $1.755 billion to acquire Boyd Gaming’s remaining 5 percent stake, implying a total valuation of $31 billion for FanDuel. The deal is expected to reduce Flutter’s market access costs by approximately $65 million annually, starting in July 2025.
Strategic partnership with Boyd Gaming
Since 2018, Boyd Gaming has provided FanDuel with access to regulated US markets through its licences. Under the updated agreement, FanDuel will continue to operate retail sportsbooks outside Nevada until mid-2026, after which Boyd will assume control. FanDuel will retain control of its online sportsbook operations.
With full ownership, Flutter gains complete operational control and unified branding across all markets. The company also plans to integrate its proprietary technology platform, Flutter Edge, to enhance data analytics and user experience. According to CEO Peter Jackson, the move is expected to improve shareholder returns by streamlining operations and eliminating minority interests.
Jackson commented, “Our acquisition of FanDuel in 2018 is one of the most transformational events in our Group’s history, with its natural competitive advantages combined with access to Flutter Edge capabilities driving impressive growth to become the well-established and clear leader in US online sports betting and iGaming.”
Boyd Gaming’s gains from the deal
Boyd Gaming will receive $1.755 billion from the sale of its remaining stake in FanDuel. The proceeds will be used for capital investments, debt reduction, and other strategic initiatives. Despite exiting its equity position, Boyd expects to generate $50–$55 million in annual operating income from its online segment in fiscal years 2025 and 2026. Additionally, Boyd will receive fixed fees from FanDuel’s online operations in Iowa, Indiana, Kansas, Louisiana, and Pennsylvania, including 바카라 operations.
Boyd Gaming President and CEO Keith Smith stated, “This transaction unlocks the tremendous unrealised value that our investment in FanDuel has created for our Company. As a result, we are in a significantly stronger financial position to continue executing our strategy of investing in our properties, pursuing growth opportunities, returning capital to our shareholders, and maintaining a strong balance sheet.”
FanDuel’s market position and strategy
FanDuel remains the leading online sportsbook in the United States. The is expected to improve operational efficiency and brand consistency. The company plans to expand its offerings in live betting, same-game parlays, and online 바카라 products.
In Q1 2025, Flutter Entertainment reported revenue of $3.7 billion, an 8 percent year-on-year increase, with FanDuel contributing $1.1 billion. Boyd Gaming reported revenue of $991.6 million for the same period, up 3.2 percent year-on-year, while net income declined by 18.6 percent to $110.9 million. The sale of its FanDuel stake is expected to support Boyd’s efforts to streamline operations and strengthen its financial position.
