Flutter to Acquire 100% of FanDuel in $1.8bn Deal

Flutter Entertainment has confirmed it will acquire the remaining 45.6% stake in FanDuel from Boyd Gaming for $1.755bn (£1.37bn), securing full ownership of the leading US sportsbook. The agreement also sees the extension of Flutter’s strategic partnership with Boyd through to 2038.

The move marks a major milestone in Flutter’s US expansion strategy and is expected to deliver significant cost savings. With Boyd continuing to provide market access for FanDuel in multiple US states, Flutter anticipates annual savings of approximately $65m due to “significantly reduced” market access fees.

Completion of the transaction is expected in Q3 2025, subject to customary regulatory approvals. Boyd Gaming, meanwhile, has indicated it will use the proceeds to reduce its net debt and further invest in its core operations.

“This transaction unlocks the tremendous unrealised value that our investment in FanDuel has created for our company,” said Keith Smith, President and CEO of Boyd Gaming. “As a result, we are in a significantly stronger financial position to continue executing our strategy of investing in our properties, pursuing growth opportunities, returning capital to our shareholders and maintaining a strong balance sheet.

“The partnership between Boyd and FanDuel has been a remarkable success for both companies. FanDuel has emerged as the nation's clear leader in online sports betting, while Boyd has been able to leverage this partnership to profitably participate in the rapid growth of sports betting across the country.”

Boyd also issued revised financial projections for its digital division, forecasting operating income of $50m–$55m and adjusted EBITDAR for both FY2025 and FY2026.

The purchase values FanDuel at an implied $31bn and will be financed through a series of bridge credit agreements secured by Flutter and a select group of its subsidiaries.

Flutter CEO Peter Jackson described the transaction as a landmark moment for the company.

“Our acquisition of FanDuel in 2018 is one of the most transformational events in our Group’s history, with its natural competitive advantages combined with access to Flutter Edge capabilities driving impressive growth to become the well-established and clear leader in US online sports betting and iGaming,” he said.

“I am really pleased to drive future value for our shareholders by increasing our ownership of FanDuel to 100%. Boyd have been fantastic partners for FanDuel, and we are delighted to be extending our important strategic partnership through to 2038.”

Under the revised agreement, Boyd will receive a fixed fee per state from FanDuel’s operations in Iowa, Indiana, Kansas, Louisiana, and Pennsylvania. This includes online sports betting and online casino access in Pennsylvania.

FanDuel will also continue to operate Boyd’s retail sportsbooks—outside of Nevada—through the first half of 2026. Boyd, which previously held a 5% equity stake in FanDuel, will then assume full responsibility for these retail operations.