Flutter Entertainment announces the acquisition of Boyd’s 5% stake in FanDuel Group (“FanDuel”). Flutter is a leading global online sports betting and iGaming operator and also announces the extension of its strategic partnership with Boyd Gaming Corporation (“Boyd”), until 2038. The company made the announcement this Thursday (10), on its official website.
Under the terms of the agreement, Flutter will pay Boyd approximately $1.755 billion to acquire Boyd’s 5% stake in FanDuel. It will also revise several existing commercial terms, increasing Flutter’s ownership of the US sports betting and iGaming business to 100%.
The agreement also extends the strategic partnership between FanDuel and Boyd, with significantly reduced market access costs in states where FanDuel’s market access is provided through Boyd. This is expected to contribute to annual savings of approximately $65 million for Flutter, starting July 1, 2025.
Agreement meets main strategic objectives
- Increased Market Share: This transaction secures FanDuel’s 100% market share in its core asset, the US sports betting and iGaming market. FanDuel is the clear market leader, with a 43% market share in sports betting and a 27% market share in iGaming. This is driven by significant sustainable competitive advantages, including access to the “Flutter Edge.”
- Leveraging scale to generate more efficient market access costs, benefiting long-term adjusted EBITDA margin: The savings are expected to be generated starting July 1, 2025, and further reinforce Flutter’s confidence in the long-term profitability profile of its U.S. business. This demonstrates Flutter’s ability to help mitigate recent and future tax increases.
Flutter and FanDuel deal expected to close by the end of 2025
The transaction is subject to customary closing conditions, including the receipt of certain regulatory approvals. However, it is expected to close in the third quarter of 2025.
Peter Jackson, CEO of Flutter Edge, commented on the deal. “Our acquisition of FanDuel in 2018 is one of the most transformative events in our group’s history, with their natural competitive advantages combined with access to Flutter Edge’s capabilities, driving impressive growth to become the established and undisputed leader in online sports betting and iGaming in the US.”
“I’m delighted to create future value for our shareholders by increasing our ownership of FanDuel to 100%. Boyd has been a fantastic partner to FanDuel, and we’re delighted to extend our important strategic partnership through 2038,” he said.
Credit Agreement
On July 10, 2025, Flutter and certain of its subsidiaries also entered into a definitive bridge credit agreement with certain banks. The objective is to obtain binding commitments regarding a long-term, first-lien loan, comprising an aggregate principal amount of US$1.75 billion.
