Flutter Entertainment finalizes Boyd deal, solidifying complete ownership of FanDuel
In a significant move, Flutter Entertainment has purchased the last 5% stake in FanDuel from Boyd Gaming Corporation for approximately $1.76 billion, valuing the business at around $31 billion. This acquisition, finalised in Q3 2025, grants Flutter full ownership of FanDuel, its leading U.S. sports betting and iGaming brand [1][4].
With this purchase, Flutter aims to optimise FanDuel’s growth by integrating its proprietary technology and global capabilities, reinforcing FanDuel’s competitive position as the clear market leader in U.S. online sports betting and iGaming [1]. Financed through debt, the deal signifies Flutter’s confidence in sustainable long-term returns.
For Boyd Gaming, selling its stake provides significant capital to improve its financial position, including debt repayment. The extended partnership with Flutter, set to last until 2038, maintains collaboration benefits such as FanDuel managing Boyd’s sportsbooks outside Nevada for a transition period and shared market access savings estimated at $65 million annually, effective from July 1, 2025 [2][3][4].
Boyd Gaming's Q2 financial report showed revenues of $1 billion and total adjusted EBITDAR of $357.9 million, indicating that most segments of the company's business performed strongly, setting it up for future success [5]. The deal provides Boyd Gaming with an opportunity to strengthen its balance sheet and repay its debts.
The new terms will allow the FanDuel brand to enjoy lower market access fees in several key markets: Indiana, Iowa, Kansas, Louisiana, and Pennsylvania [2][3]. FanDuel secured a $1.75 billion loan for the deal [4]. Boyd Gaming will assume control of these operations in 2023, as previously agreed [2].
This strategic move by Flutter Entertainment is expected to bring enhanced profitability and operational efficiency, as the company consolidates control over its leading U.S. sports betting and iGaming brand [1][3][4]. Both companies are positioned to capitalise on the continuing growth of the U.S. sports betting and iGaming market through this arrangement [2][3].
[1] Flutter Entertainment Press Release, 2025 [2] Boyd Gaming Press Release, 2023 [3] Wall Street Journal, 2025 [4] Sports Handle, 2025 [5] Boyd Gaming Q2 2025 Financial Report
Flutter Entertainment's acquisition of Boyd Gaming's last 5% stake in FanDuel for $1.76 billion signifies their confidence in investing, as they plan to finance the deal through debt and integrate FanDuel's operations with their proprietary technology to boost its growth in sports betting and iGaming business. Meanwhile, selling its stake provides Boyd Gaming with significant capital for financial improvements, such as debt repayment and strengthening its balance sheet.
