Flutter secures full ownership of FanDuel in $1.755 billion deal with Boyd Gaming

Flutter Entertainment, the global online sports betting and iGaming giant, has announced it will acquire the remaining five per cent stake in FanDuel from Boyd Gaming Corporation, taking full ownership of the US market leader in a landmark $1.755 billion agreement.

The transaction, which includes a revision of existing commercial terms, marks the final step in Flutter’s multi-year journey to fully consolidate FanDuel, a move it says will deliver “attractive economics and strategic value.” Subject to regulatory approvals, the deal is expected to close in the third quarter of 2025.

Flutter, which currently holds 95 per cent of FanDuel, will fund the acquisition through a new $1.75 billion bridge loan agreement with leading financial institutions. The facility matures 12 months after initial use, with two six-month extension options, and bears interest at Term SOFR plus an initial margin of 1.25 per cent.

Strategic partnership extended to 2038

Importantly, the deal also includes the extension of Flutter’s long-term partnership with Boyd through to 2038. Although Boyd will exit as a shareholder, it will continue to provide FanDuel with market access in five states – Indiana, Iowa, Kansas, Louisiana, and Pennsylvania – under significantly revised terms.

These updated terms will shift from revenue-sharing arrangements to fixed-fee agreements, resulting in projected annual cost savings of approximately $65 million for Flutter starting 1st July 2025. In addition, FanDuel will cease operating all Boyd-owned retail sportsbooks from Q2 2026, as part of a streamlined focus on digital growth.

Strengthening the US market leader

FanDuel remains the dominant player in the US online sports betting and iGaming market. Based on gross gaming revenue (GGR) for Q1 2025, it commands a 43 per cent market share in sports betting and 27 per cent in iGaming.

Flutter CEO Peter Jackson hailed the transaction as “one of the most transformational events” in the Group’s history.

“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 per cent. Boyd have been fantastic partners for FanDuel, and we are delighted to be extending our important strategic partnership through to 2038.”

Flutter first entered the US market shortly after the repeal of PASPA in 2018, initially acquiring a 57.8 per cent stake in FanDuel. It increased its holding to 95 per cent in 2021 after purchasing additional shares from a consortium of private equity investors. This latest agreement brings Flutter to full ownership, securing greater strategic control of its US operations.

Outlook and financial positioning

While the deal will temporarily increase Flutter’s leverage, the Group says it remains committed to maintaining a medium-term leverage ratio of 2.0-2.5x. The company also anticipates that cost savings and operational efficiencies from this acquisition will bolster long-term profitability, helping offset regulatory headwinds, including recent and future tax increases in key states.

The transaction underscores Flutter’s continued confidence in the growth trajectory of the US market, with FanDuel positioned at its core. The extended partnership with Boyd also ensures regulatory continuity while reducing cost burdens, offering a more efficient path to further expansion.

With this milestone agreement, Flutter consolidates its leadership in the fast-growing US iGaming landscape, while Boyd exits with a substantial cash return and long-term fee-based revenue.