2020: Acquired The Stars Group for $12 billion (brands include PokerStars and FOX Bet).
ransaction Completion
On July 31, 2025, Flutter Entertainment finalized the acquisition of the remaining 5% stake in FanDuel from Boyd Gaming, following the announcement of the deal on July 10, 2025.
The $1.755 billion transaction also extends the partnership between the two companies, enabling Flutter to maintain market access in states where Boyd operates casinos. With this acquisition, FanDuel becomes a wholly owned subsidiary of Flutter, reshaping the ownership structure and operations of both companies in the U.S. online betting market.
Strategic Acquisition Details
- Flutter paid $1.58 billion for Boyd Gaming’s remaining 5% stake in FanDuel.
- An additional $200 million was paid to revise partnership terms.
- Full ownership aligns with Flutter’s long-term strategic ambitions in the U.S. market.
Background:
- Flutter first acquired a majority stake in FanDuel in 2018, after which the platform rapidly expanded in the U.S.
- Boyd Gaming remains a key partner, with the cooperation agreement now extended to 2038.
- Flutter will manage Boyd’s retail sports betting operations outside Nevada until 2026, after which Boyd will take over. Flutter will continue paying fixed fees for FanDuel’s online operations in those states.
Impact on the U.S. Sports Betting Landscape
- Operational Efficiency: Full integration of FanDuel is expected to boost efficiency and speed up product rollouts across U.S. states.
- Technology Synergy: Leveraging Flutter’s global expertise in brand management and technology to further accelerate FanDuel’s growth.
- Cost Optimization: Market access costs in Boyd-serviced states will be reduced from July 1, 2025, improving profit margins and overall profitability.
Executive Remarks
Peter Jackson, CEO of Flutter Entertainment, commented:
“Our 2018 acquisition of FanDuel was one of the most transformative events in the Group’s history. FanDuel’s inherent competitive advantage, combined with the power of Flutter Edge, has driven it to become the market leader in U.S. online sports betting and iGaming.”
“I’m delighted to increase our stake to 100%, delivering more value to shareholders. Boyd has been an outstanding partner for FanDuel, and we are pleased to extend this important strategic partnership to 2038.”
Other Major Flutter Acquisitions
- 2020: Acquired The Stars Group for $12 billion (brands include PokerStars and FOX Bet).
- 2021: Acquired Italian betting operator Sisal for $2.25 billion, expanding its European lottery and betting footprint.
Fox Sports still holds the option to acquire 18.6% of FanDuel until December 3, 2030. Based on FanDuel’s December 3, 2020 valuation with a 5% annual increase, the current exercise cost is approximately $4.5 billion.
Financial & Strategic Outlook
- Q1 2025: FanDuel reported $1.67 billion in revenue, up 19% YoY.
- In the U.S., 48% of licensed sports betting platform net revenue comes from FanDuel.
- FanDuel is the most widely used online sports betting app in the U.S., now live in 26 states.
