- Flutter revealed it will acquire Boyd’s 5% share in FanDuel
- The transaction is valued at $1.755 billion
- Flutter achieves full ownership of FanDuel
Flutter now completely owns FanDuel.
Flutter disclosed today that it has finalized an agreement with Boyd Gaming Corporation to buy its 5% share of FanDuel for $1.755 billion.
The deal also includes an extension of Flutter’s strategic collaboration with Boyd at greatly reduced market access costs in states where FanDuel’s market access is enabled by Boyd.
Transformational Moment
The agreement is anticipated to close entirely in Q3 2025 and will be supported through additional debt financing, as mentioned in a release.
“Our acquisition of FanDuel in 2018 is one of the most transformational events for our group, with its competitive advantages and Flutter Edge capabilities fostering significant growth to establish dominance in U.S. online sports betting and iGaming. I am thrilled to enhance shareholder value by increasing our FanDuel stake to 100%. Boyd has been an excellent partner, and we are pleased to extend our key strategic collaboration until 2038,” stated Flutter CEO Peter Jackson.
The transaction suggests a $31 billion valuation for FanDuel.
Under the new agreement, the strategic collaboration between Flutter and Boyd will continue until 2038. According to a release from Boyd, Flutter will also offer Boyd a fixed fee per state from FanDuel’s mobile sports-betting operations in Iowa, Indiana, Kansas, Louisiana, and Pennsylvania, as well as FanDuel’s online casino operations in Pennsylvania.
FanDuel will maintain its operation of Boyd’s retail sportsbooks outside Nevada until mid-2026.
Success For Both Companies
Kevin Smith, President and CEO of Boyd, praised the partnership between Boyd and Flutter as beneficial for both companies. Boyd has leveraged this partnership to “profitably engage in the rapid growth of sports betting nationwide.”
“This deal unlocks significant unrealized value from our investment in FanDuel, putting us in a stronger financial position to execute our strategy of investing in our properties, seizing growth opportunities, returning capital to shareholders, and maintaining a strong balance sheet.”
Under the new partnership terms, Boyd anticipates its online segment will generate $50 million to $55 million in operating income and Adjusted EBITDAR for the full year 2025, and approximately $30 million in 2026.
The agreement will require regulatory approvals before closure.
- SCCG Management. The Gambling Industry’s Global Connector. Access Here.
- SCCG Management. The Gambling Industry’s Global Connector. Access Here.
- Source: SCCGManagement.com