Boyd Gaming Corp. will sell its 5% equity stake in FanDuel Group to Flutter Entertainment in a deal valued at approximately $1.76 billion, the companies announced Thursday.
The transaction, expected to close in the third quarter of 2025, would give Flutter full ownership of FanDuel, a U.S. sports betting giant, at an implied valuation of about $31 billion.
Flutter already holds a majority interest in FanDuel. Acquiring Boyd’s stake would consolidate its control of the platform, expanding its footprint in the American gambling market.
Boyd currently owns the minority stake under negotiation. Neither company has confirmed details of the discussions.
Under the agreement, Flutter will pay Boyd approximately $1.755 billion to acquire Boyd’s 5% stake in FanDuel and revise existing commercial terms, giving Flutter full ownership of the leading U.S. sports betting and iGaming business at an implied valuation of about $31 billion. The deal also extends the strategic partnership between FanDuel and Boyd, significantly reducing market access costs in states where Boyd provides FanDuel’s market access. Flutter expects annual savings of about $65 million starting July 1, 2025.
The agreement advances key strategic goals:
- Full ownership of the market leader: Flutter will own 100% of FanDuel, the top U.S. sports betting and iGaming operator, with a 43% market share in sports betting and 27% in iGaming. FanDuel’s competitive edge is bolstered by access to Flutter’s proprietary technology and analytics.
- Lower market access costs, improved profitability: The revised terms with Boyd will reduce expenses in key states, contributing to the expected $65 million in annual savings. These savings, effective July 1, 2025, reinforce Flutter’s confidence in its U.S. profitability amid rising industry taxes.
The transaction, subject to regulatory approvals, is expected to close in the third quarter of 2025 and will be funded through additional debt financing. Flutter anticipates a temporary increase in leverage but remains committed to its medium-term target of 2.0-2.5x.
CEO Commentary
Peter Jackson, Flutter’s CEO, said: “Acquiring FanDuel in 2018 was a transformative moment for our company. Today, securing full ownership unlocks further value for shareholders. Boyd has been an outstanding partner, and we’re pleased to extend our collaboration through 2038.”
Bridge Credit Agreement
On July 10, 2025, Flutter entered a $1.75 billion bridge credit agreement to fund the transaction. The facility matures in 12 months, with two six-month extension options, and carries an interest rate of Term SOFR plus 1.25%.
Deal Terms
- $1.55 billion for Boyd’s 5% stake.
- $205 million for revised commercial terms, including reduced market access fees.
- FanDuel will exit retail sportsbooks in Boyd-operated states by Q2 2026, with minimal financial impact.
Fox’s Option
Fox retains the right to acquire an 18.6% stake in FanDuel by Dec. 3, 2030, at a price based on FanDuel’s 2020 valuation plus a 5% annual escalator—currently $4.5 billion. Exercise requires full cash payment and regulatory licensing.
Market Access States
Boyd will provide market access in Indiana, Iowa, Kansas, Louisiana and Pennsylvania.