Flutter Entertainment has officially acquired the remaining 5% ownership stake in FanDuel from Boyd Gaming, concluding a $1.755 billion agreement that solidifies its control over the leading U.S. sports betting platform. The transaction, finalized on July 31, 2025, comes just three weeks after the deal was first announced and includes an updated long-term partnership with Boyd, allowing Flutter to retain access to key U.S. markets where Boyd operates casinos.
Under the terms, Flutter paid $1.58 billion for Boyd’s minority stake and an additional $200 million to revise and extend the strategic partnership through 2038. With this move, FanDuel now becomes a fully owned subsidiary of Flutter, positioning the company for deeper operational integration and growth across regulated U.S. jurisdictions.
Expanded Partnership and Operational Shifts
While Flutter now controls all aspects of FanDuel’s digital operations, Boyd Gaming will continue to play a role in the evolving partnership. Flutter will manage Boyd’s retail sportsbook operations outside Nevada through 2026. After that, Boyd will reclaim control of retail betting while Flutter continues to pay fixed fees for FanDuel’s online operations in Boyd-affiliated states.
This new arrangement is expected to boost Flutter’s margins by reducing its market access costs beginning July 1, 2025, as it transitions into a more self-reliant operator in key markets.
Flutter CEO Peter Jackson highlighted the historical significance of the company’s initial 2018 FanDuel acquisition: “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 added, “I am pleased to drive future value for our shareholders by increasing our ownership of FanDuel to 100 percent. Boyd has been a fantastic partner for FanDuel, and we are delighted to be extending our important strategic partnership through to 2038.”
Full Control Supports Long-Term Vision
Complete ownership grants Flutter enhanced flexibility over FanDuel’s U.S. operations, allowing it to independently manage product rollouts, revenue strategies, and regulatory compliance. FanDuel, which is currently available in 26 states, remains the most utilized sports betting platform in the U.S.
In Q1 2025, FanDuel posted $1.67 billion in revenue, reflecting a 19% year-over-year rise, and contributed 48% of all licensed sportsbook net revenue in the U.S. Flutter aims to capitalize on this momentum by further expanding FanDuel’s reach and integrating new capabilities, including possible real-time content and media partnerships.
This acquisition is the latest in a string of high-profile moves by Flutter. In 2020, the company merged with The Stars Group in a $12 billion deal, and in 2021, it paid $2.25 billion for Italian operator Sisal, expanding its presence in European markets.
Fox Sports still holds an option to purchase an 18.6% stake in FanDuel, with a deadline of December 3, 2030. Based on current estimates, the buy-in could cost approximately $4.5 billion, reflecting a 5% annual increase on FanDuel’s 2020 valuation.
Source:
“Flutter Entertainment announces completion of Boyd agreement to secure 100% ownership of FanDuel”, globenewswire.com, Jul 31, 2025
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