Flutter Entertainment is making a decisive move in the U.S. online betting space by acquiring the remaining 5% stake in FanDuel from Boyd Gaming, in a transaction valued at $1.76 billion. The deal, which includes a $1.55 billion payment for the equity and an additional $205 million tied to revised commercial terms, pushes FanDuel’s implied valuation to a robust $31 billion.
A Strategic Endgame for Total Ownership
Having merged with FanDuel in 2018 and steadily increasing its stake—most notably to 95% in 2020—Flutter has now taken complete control of the U.S. market leader in online sports betting. FanDuel currently commands an impressive 43% market share, making it the single largest contributor to Flutter’s global revenue base.
Recalibrating Agreements with Boyd Gaming
As part of the new arrangement, Flutter and Boyd Gaming have inked agreements that will run through 2038. Boyd will now earn fixed fees per state where FanDuel operates mobile sports betting under Boyd’s market access—specifically in Iowa, Indiana, Kansas, Louisiana, and Pennsylvania.
This deal does not mark Boyd’s exit from the gaming sector; the Las Vegas-based company still operates 28 gaming properties across 10 U.S. states, in addition to managing a tribal casino in California and operating an online casino platform.
Financing and Timing
Flutter has confirmed that the acquisition will be funded via additional debt and is expected to close in Q3 2025, pending regulatory approvals. The deal is also significant in the context of Flutter’s past legal entanglement with Fox Corporation regarding its rights to purchase an 18.6% stake in FanDuel. As per the arbitration ruling, Fox retains the option to acquire the stake until December 3, 2030, at a price currently set at $4.5 billion.
