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Boyd Gaming Corp.

Flutter Secures 100% Ownership of FanDuel in $31 Billion Deal

Strategic Insights

— 2 min read

Flutter Entertainment, a leading global online sports betting and iGaming operator, has completed a deal to acquire a 5% stake in FanDuel Group from Boyd Gaming Corporation for approximately $1.755 billion. This acquisition, part of a long-term strategic partnership between Flutter and Boyd, takes Flutter's ownership of FanDuel to 100% at an attractive implied valuation of approximately $31 billion.

The deal is expected to generate annual savings for Flutter of approximately $65 million beginning July 1, 2025, due to reduced market access costs in states where FanDuel's market access is provided by Boyd. The acquisition also solidifies Flutter's position as the industry leader in the US online sports betting and iGaming market, with a revenue of $14,048 million globally for fiscal 2024, up 19% year-over-year.

The agreement, which runs through 2038, also extends the partnership between FanDuel and Boyd at significantly reduced market access costs. Peter Jackson, Flutter's CEO, stated that the acquisition is one of the most transformational events in their Group's history, combining the natural competitive advantages of FanDuel with access to Flutter Edge capabilities for impressive growth.

To finance the acquisition, Flutter has entered into a definitive bridge credit agreement with certain banks to obtain a senior secured first lien term loan of $1.75 billion. The company plans to use this loan to pay fees and expenses related to the acquisition and finance general corporate purposes and working capital of the group.

Key Takeaways:

  • Flutter Entertainment has acquired a 5% stake in FanDuel Group from Boyd Gaming Corporation for approximately $1.755 billion.
  • The acquisition takes Flutter's ownership of FanDuel to 100% at an attractive implied valuation of approximately $31 billion.
  • The deal is expected to generate annual savings for Flutter of approximately $65 million beginning July 1, 2025.
  • The agreement extends the partnership between FanDuel and Boyd through 2038 at significantly reduced market access costs.
  • Flutter will use the $1.75 billion loan from the Bridge Credit Agreement to pay fees and expenses related to the acquisition and finance general corporate purposes and working capital of the group.
  • The agreement is part of a long-term strategic partnership between Flutter and Boyd, with both companies committed to achieving medium-term leverage ratios between 2.0-2.5x.

Statistics:

  • $31 billion: Implied valuation of Flutter's 100% ownership of FanDuel.
  • $1.755 billion: Acquisition cost of FanDuel's 5% stake.
  • $14,048 million: Revenue of Flutter globally for fiscal 2024, up 19% year-over-year.
  • $65 million: Annual savings expected by Flutter from reduced market access costs.
  • $1.75 billion: Loan amount from the Bridge Credit Agreement.
  • 2025: Expected completion year of the proposed transaction.
  • 2038: Expiration year of the agreement between Flutter and Boyd.

Sources:

  • Flutter Entertainment plc. (2025, July 10). Press Release: Flutter secures 100% ownership of FanDuel through new agreement with Boyd Gaming Corporation.
  • (2025, July 10). COMTEX_467234771/2254/2025-07-11T17:15:16.

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