Flutter Secures 100% FanDuel Ownership With Boyd Stake Buyback

• Flutter announced today it will purchase Boyd’s 5% stake in FanDuel
• Flutter made the deal for $1.755 billion
• Flutter now owns 100% of FanDuel

Flutter is now the proud owner of everything FanDuel.

Flutter announced today it has reached an agreement with Boyd Gaming Corporation to purchase its 5% stake of FanDuel for $1.755 billion.

The agreement also provides for an extension of Flutter’s strategic partnership with Boyd at significantly reduced market access costs in the states where FanDuel’s market access is provided by Boyd.

Transformational Moment

The agreement is expected to fully close in Q3 2025 and will be funded by additional debt financing, according to a release.

“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 U.S. online sports betting and iGaming. 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,” Flutter CEO Peter Jackson said.

The deal implies a $31 billion valuation of FanDuel.

Through the new deal, the strategic partnerships between Flutter and Boyd will be extended to 2038. According to a release from Boyd, Flutter will also provide Boyd with a fixed fee per state from FanDuel’s mobile sports-betting operations in Iowa, Indiana, Kansas, Louisiana and Pennsylvania, as well as FanDuel’s online casino operations in Pennsylvania.

FanDuel will also continue to operate Boyd’s retail sportsbooks outside of Nevada through mid-2026.

Success For Both Companies

Kevin Smith, President and CEO of Boyd, lauded the partnership between Boyd and Flutter as a success for both companies. Boyd has been able to leverage its partnership to “profitably participate in the rapid growth of sports betting across the country.”

“This transaction unlocks the tremendous unrealized value that our investment in FanDuel has created for our Company. 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.”

Under the new terms of their partnership, Boyd expects its online segment will generate $50 million to $55 million operating income and Adjusted EBITDAR for the full year 2025, and approximately $30 million in 2026.

The agreement will be subjected to regulatory approvals before closing.