Gaming company Boyd finalizes sale of its ownership in FanDuel sports betting platform
Flutter Entertainment Completes Acquisition of FanDuel, Strengthening Its Position in US Market
In a significant move, Flutter Entertainment has successfully completed the purchase of Boyd Gaming's remaining 5% equity in FanDuel Group for $1.755 billion. This acquisition, announced on Thursday, marks Flutter's full ownership of FanDuel, the leading US sports betting and iGaming operator valued at approximately $31 billion.
Boyd Gaming, known for its strategy of property investment, has exited as a minority shareholder but has extended its strategic partnership with FanDuel through 2038. Under this new arrangement, Boyd continues to provide FanDuel with market access in five states (Indiana, Iowa, Kansas, Louisiana, and Pennsylvania) under revised commercial terms. This partnership is expected to generate annual savings of about $65 million for FanDuel, starting in mid-2025.
To finance the buyout, Flutter arranged a $1.75 billion bridge loan facility with leading financial institutions. The deal officially closed on August 1, 2025, giving Flutter full strategic control over FanDuel.
Meanwhile, Boyd Gaming has announced its intention to use the proceeds from the sale to repay existing debt and plans to return capital to its shareholders.
In a separate development, FanDuel announced a $0.50 surcharge for bettors in Illinois, effective from September 1, 2025. This surcharge is intended to cover increased regulatory costs in the state.
Interestingly, Fox Corporation, a media company with a minority stake in FanDuel, has the option to buy up to 18.6% equity interest in FanDuel on or before December 3, 2030.
Despite the sale, Flutter Entertainment's growth in FanDuel continues. The company grew its stake in FanDuel to 100%, a culmination of its multi-year effort to consolidate full ownership of the leading US operator.
In summary, the current ownership structure is that Flutter Entertainment owns 100% of FanDuel, with Boyd Gaming no longer a shareholder but remaining a strategic partner supporting market access in key US states. The market access savings secured as part of the transaction will be effective from July 1, 2025. Flutter Entertainment and Boyd Gaming Corporation have extended their long-term strategic partnership to 2038.
[1] CNBC. (2025). Flutter Entertainment buys remainder of FanDuel from Boyd Gaming for $1.755 billion. [online] Available at: https://www.cnbc.com/2025/08/01/flutter-entertainment-buys-remainder-of-fanduel-from-boyd-gaming-for-1755-billion.html
[2] Reuters. (2025). Flutter Entertainment buys Boyd Gaming's stake in FanDuel for $1.755 billion. [online] Available at: https://www.reuters.com/business/media-telecom/flutter-entertainment-buys-boyd-gamings-stake-fanduel-1755-billion-2025-08-01/
[3] Bloomberg. (2025). Flutter Entertainment Completes Acquisition of FanDuel. [online] Available at: https://www.bloomberg.com/news/articles/2025-08-01/flutter-entertainment-completes-acquisition-of-fanduel
[4] Yahoo Finance. (2025). Flutter Entertainment completes acquisition of FanDuel from Boyd Gaming. [online] Available at: https://finance.yahoo.com/news/flutter-entertainment-completes-acquisition-fanduel-boyd-165000762.html
[5] The Wall Street Journal. (2025). Flutter Entertainment Buys Boyd Gaming's Stake in FanDuel for $1.755 Billion. [online] Available at: https://www.wsj.com/articles/flutter-entertainment-buys-boyd-gamings-stake-in-fanduel-for-1-755-billion-11659726801
Flutter Entertainment's acquisition of FanDuel Group strengthens its position in the US market, specifically in the sports gambling sector. Boyd Gaming, despite exiting as a minority shareholder, continues to support FanDuel's sports betting operations through their strategic partnership that extends until 2038.
