With the deal complete, FanDuel is now a wholly owned subsidiary of Flutter, reshaping both companies’ equity structures and operations in the U.S. online betting market.
Deal Closes on Remaining 5% Stake for $1.755 Billion
On July 31, 2025, Flutter Entertainment finalized the purchase of the remaining 5% stake in FanDuel from Boyd Gaming, following an agreement announced on July 10. The $1.755 billion transaction also extends the partnership between the two companies, ensuring Flutter retains market access in U.S. states where Boyd operates casinos.
With the deal complete, FanDuel is now a wholly owned subsidiary of Flutter, reshaping both companies’ equity structures and operations in the U.S. online betting market.
Strategic Acquisition Details
Flutter acquired Boyd’s final 5% interest in FanDuel for $1.58 billion, plus an additional $200 million to amend partnership terms. This move secures Flutter’s full ownership of FanDuel, aligning with its U.S. market growth strategy.
Flutter first took a majority stake in FanDuel in 2018, after which the platform rapidly expanded in the United States. Full ownership now gives Flutter control over all operations and profits. Boyd Gaming remains a strategic partner, with the agreement extended through 2038.
Under the updated deal:
- Flutter will manage Boyd’s retail sportsbook operations outside Nevada until 2026, after which Boyd will assume control.
- Flutter will continue paying a fixed fee for FanDuel’s online operations in those states.
- From July 1, 2025, Flutter’s market access costs in Boyd-serviced states will decrease, improving margins and profitability.
Shaping the U.S. Sports Betting Landscape
Integrating FanDuel fully into Flutter is expected to enhance operational efficiency and accelerate product rollouts across more U.S. states. Leveraging its global brand management expertise, Flutter will drive FanDuel’s development with complete decision-making authority over U.S. product strategy and revenue operations.
Peter Jackson, CEO of Flutter Entertainment, highlighted the acquisition’s strategic importance:
“Acquiring FanDuel in 2018 was one of the most transformational moments in our group’s history. FanDuel’s natural competitive advantages, combined with the Flutter Edge, have powered it to become the leader in U.S. online sports betting and iGaming.”
He added:
“I am delighted to increase our ownership to 100%, delivering greater value to shareholders. Boyd has been a fantastic partner to FanDuel, and we are pleased to extend this important strategic relationship through 2038.”
Flutter’s Acquisition Track Record
Before this deal, Flutter made several major acquisitions:
- 2020: Acquired The Stars Group (PokerStars, FOX Bet) for $12 billion
- 2021: Acquired Italian operator Sisal for $2.25 billion to expand its European lottery and betting footprint
Notably, Fox Sports retains an option to purchase 18.6% of FanDuel until December 3, 2030. Based on FanDuel’s December 3, 2020 valuation and 5% annual growth, the exercise cost is now estimated at $4.5 billion.
Financial and Strategic Impact
In Q1 2025, FanDuel reported $1.67 billion in revenue, up 19% from Q1 2024. In the U.S., 48% of licensed sports betting net revenue came from FanDuel, which is the country’s most widely used online sportsbook app and is live in 26 states.
Full ownership allows Flutter to retain all profits while assuming complete operational, financial, and compliance responsibility. This structure is expected to improve flexibility and profitability, while enabling continued state-by-state expansion. Future plans could include media integrations and real-time content features.
