Flutter Entertainment has finalized an agreement to acquire the remaining 5% of FanDuel from Boyd Gaming for US$1.755bn, granting Flutter complete ownership of FanDuel, significantly impacting the US sports betting and iGaming industry and valuing FanDuel at approximately $31bn.
The deal, contingent upon regulatory approval, is anticipated to complete by the third quarter of 2025. To finance the acquisition, Flutter has arranged a $1.75bn bridge credit facility, designed to cover purchase costs and related expenses, ensuring a smooth transition towards total ownership of FanDuel.
Alongside the purchase, Boyd and FanDuel have restructured their business relationships. FanDuel will continue managing Boyd’s retail sportsbooks outside Nevada until mid-2026, after which Boyd will assume control. Boyd is set to receive a fixed fee for each state where FanDuel operates online sports betting and casino games within the agreed markets.
In addition, the partnership between Flutter and Boyd Gaming will be extended until 2038. Under new terms, FanDuel will benefit from reduced market access fees in five key states: Indiana, Iowa, Kansas, Louisiana and Pennsylvania. These reductions are projected to decrease Flutter’s annual expenses by approximately $65m starting in July 2025.
Keith Smith, Boyd Gaming’s CEO, highlighted the value unlocked from Boyd’s initial investment in FanDuel, which will enhance the company’s financial health. Proceeds from the sale will be used to reduce debt, improve properties, return value to shareholders and explore new growth opportunities.
Peter Jackson, Flutter CEO, credited FanDuel’s rapid growth to its inherent strengths and Flutter’s global resources, asserting that full ownership will enhance shareholder value and solidify FanDuel’s market leadership.
FanDuel maintains dominance in the US market with a 43% share in sports betting and 27% in iGaming, and the completion of this deal is expected to further fortify Flutter’s position in the burgeoning online gambling sector.
