Flutter Secures 100% Ownership of FanDuel from Boyd Gaming

Flutter Entertainment has completed its purchase of Boyd Gaming's remaining 5% stake in FanDuel. This transaction gives Flutter 100% ownership of FanDuel, solidifying control over the leading U.S. online sportsbooks operator.

Under the agreement, Flutter paid approximately $1.755 billion, including $1.55 billion for the equity and roughly $200 million to revise commercial terms. FanDuel's valuation now stands near $31 billion.

The deal also extends Flutter's strategic partnership with Boyd Gaming through 2038. Under this arrangement, Boyd will continue receiving fixed fees from FanDuel's mobile sports betting operations in states like Iowa, Indiana, Kansas, Louisiana, and Pennsylvania.

Thanks to new terms, Flutter will pay lower market access fees in those states. The company expects to save about $65 million annually, effective July 1, 2025. Additionally, FanDuel will manage Boyd's retail sportsbooks outside Nevada until mid-2026, when Boyd will take over operations.

How Flutter and Boyd's Deal Developed

Flutter initially gained control of FanDuel in 2018, then raised its stake to 95% in 2020. This final step cements its full ownership in the business that now dominates U.S. sports betting.

FanDuel claims about 43% market share in U.S. sports betting and a strong iGaming presence, making it Flutter's most significant U.S. asset. The acquisition was funded through additional debt financing, with closing now officially complete as of July 31, 2025.

This move positions Flutter to fully leverage FanDuel's scale in U.S. online sportsbooks and iGaming. Full ownership removes minority stake complexity and enhances Flutter's flexibility in operations and growth planning.

In addition to sports betting, FanDuel also operates as one of the top online casinos in the U.S. market. The platform offers a wide selection of online casino games, including slots, blackjack, roulette, and live dealer tables.

FanDuel's real money online casino offerings attract users seeking trusted and regulated gambling options in legal U.S. jurisdictions. 

Boyd Gaming Also Eyeing to Maintain their Momentum

Additionally, the extended Boyd partnership secures key market access and cost savings for years to come. The company is already experiencing strong momentum, as shown in its latest financial report.

In Q2, Boyd reported $1 billion in revenue and an adjusted EBITDAR of $357.9 million. Most business segments delivered solid results, positioning Boyd for continued growth.