Flutter Entertainment (NYSE: FLUT; LSE: FLTR), a global leader in online sports betting and iGaming, today announced a transformative agreement to acquire Boyd Gaming Corporation’s 5% stake in FanDuel Group and extend its strategic partnership with Boyd through 2038.
Transaction Highlights
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Full Ownership of FanDuel: Flutter will acquire Boyd’s 5% stake in FanDuel for approximately $1.755 billion, increasing Flutter’s ownership to 100% at an implied valuation of $31 billion for the leading U.S. sports betting and iGaming operator.
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Cost-Efficient Partnership Extension: The agreement significantly reduces market access costs in states where FanDuel operates through Boyd, delivering estimated annual savings of $65 million starting July 1, 2025.
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Financing and Leverage: The transaction, expected to close in Q3 2025 pending regulatory approvals, will be funded through additional debt financing. Flutter remains committed to its medium-term leverage ratio target of 2.0-2.5x, supported by strong growth opportunities.
Strategic Benefits
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Securing the Market Leader: FanDuel holds a commanding 43% market share in U.S. sports betting and 27% in iGaming, driven by its competitive advantages and access to Flutter’s proprietary “Flutter Edge” technology.
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Enhanced Profitability: Lower market access costs are expected to bolster FanDuel’s long-term adjusted EBITDA margin, helping mitigate recent and future tax impacts while reinforcing Flutter’s confidence in its U.S. business.
Leadership Perspective
Peter Jackson, CEO of Flutter Entertainment, commented:
“The 2018 acquisition of FanDuel was a pivotal moment for Flutter, propelling us to the forefront of the U.S. market. Achieving 100% ownership of this premier asset, combined with our extended partnership with Boyd, positions us to deliver significant value for shareholders while maintaining FanDuel’s market leadership.”
Bridge Credit Agreement
On July 10, 2025, Flutter secured a $1.75 billion senior secured first lien term loan through a bridge credit agreement with select banks. The funds will finance the transaction, cover related fees, and support general corporate purposes.
For more details, visit the official announcement.