Earlier this month, Flutter Entertainment finalized the acquisition of the last 5% of FanDuel from Boyd Gaming Corporation. This deal is now complete, confirming Flutter’s complete ownership of the prominent sportsbook.
Flutter’s Complete Acquisition of FanDuel
The transaction valued FanDuel at $31 billion, requiring the company to secure a $1.75 billion loan to complete the acquisition.
In addition to achieving full ownership of FanDuel, the agreement extended Flutter’s partnership with Boyd Gaming until 2038. This will enable FanDuel to access lower market fees in key areas where it cooperates with Boyd, such as Indiana, Iowa, Kansas, Louisiana, and Pennsylvania.
According to a prior announcement, Flutter expects to save around $65 million annually due to the new arrangement.
The agreement also ensures that FanDuel will continue managing Boyd’s physical sportsbooks outside Nevada until next year, when Boyd will take over these operations.
The Deal Closes, Cementing Flutter’s Ownership of FanDuel
The transfer of the remaining 5% in FanDuel has been finalized. The latest update also confirmed the extension of Flutter Entertainment’s strategic partnership with Boyd Gaming Corporation through 2038.
Flutter noted that the savings on market access resulting from the transaction will take effect on July 1, 2025.
An Opportunity for Boyd
The deal provides Boyd with a valuable opportunity to reinforce its financial standing and address its debt obligations. The company is already experiencing strong performance, as indicated in its latest financial report.
To provide context, Boyd’s Q2 financials reported revenues of $1 billion and a total adjusted EBITDAR of $357.9 million. Most business segments showed strong performance, positioning Boyd for future success.
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- Source: SCCGManagement.com