Flutter Secures Full Ownership of FanDuel in $1.75bn Deal with Boyd Gaming
Flutter, which was already the majority stakeholder following Paddy Power Betfair’s initial acquisition of FanDuel in May 2018 for just $158m, now takes full ownership of the business.
Flutter Entertainment has finalised its acquisition of Boyd Gaming’s 5% stake in FanDuel, in a deal valued at approximately $1.755bn. The agreement places an overall valuation of $31bn on the US sports betting giant.
Flutter, which was already the majority stakeholder following Paddy Power Betfair’s initial acquisition of FanDuel in May 2018 for just $158m, now takes full ownership of the business.
Boyd’s return on investment has proven exceptionally lucrative. The US casino operator has now received over ten times the amount Flutter paid for FanDuel in 2018 — and that for only a minority holding.
As part of the transaction, Flutter has also extended its strategic partnership with Boyd until 2038, despite the change in ownership structure.
Flutter confirmed that Fox still retains the option to acquire an 18.6% equity interest in FanDuel at any point before 3 December 2030. “How much that would set Fox back would be up for discussion – and the chances are that sum would only increase with every passing year.”
Fox and Flutter had previously collaborated on the now-defunct Fox Bet venture, which has since been wound down.
FanDuel and Flutter are expected to release their Q2 2025 financial results next week, providing a clearer view of the group's performance in what has been a highly active period.
Boyd, for its part, has walked away with a considerable payout.
“For every year it held on, the operator would likely have received more and more for its 5% FanDuel stake.”
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