Flutter Takes Full Possession of FanDuel from Boyd Gaming

Flutter Entertainment Completes Full Acquisition of FanDuel

In a significant move for the U.S. online gambling market, Flutter Entertainment has finalized the purchase of Boyd Gaming's remaining 5% stake in FanDuel, making FanDuel a wholly owned subsidiary of Flutter. This acquisition, announced on July 31, 2025, marks a major step in Flutter's strategic growth within the U.S. market.

The deal, which cost Flutter approximately $1.755 billion, including $1.55 billion for the equity and $200 million to revise commercial terms, was initially initiated in 2018 when Flutter first acquired a majority stake in FanDuel. Since then, Flutter's ownership has gradually increased, reaching 95% in 2021.

The strategic partnership between Flutter and Boyd Gaming will continue through 2038, allowing Flutter continued access to states where Boyd operates casinos. Boyd will manage retail sportsbooks outside Nevada until mid-2026, after which Boyd will take over operations. During this period, Boyd will receive fixed fees from FanDuel's mobile sports betting operations in states like Iowa, Indiana, Kansas, Louisiana, and Pennsylvania.

Impact on the U.S. Online Gambling Market

With full ownership, FanDuel under Flutter is poised to become a clear leader in the U.S. online sports betting and iGaming market. This unified control will enable streamlined decision-making, product development, and revenue management. The acquisition is expected to improve operational efficiency and support the rollout of new products across U.S. states, leveraging Flutter's global technology and experience.

The acquisition is also expected to lower Flutter’s market access costs in platforms where Boyd currently operates casinos, beginning July 2025, potentially improving margins and profitability. Despite full ownership, Boyd remains a key strategic partner, preserving access to retail sportsbook markets aligned with regulatory requirements.

Financial Implications

The acquisition was funded by debt financing, increasing Flutter’s leverage temporarily but expected to reduce steadily due to profitable growth opportunities. Boyd Gaming reported $1 billion in revenue and an adjusted EBITDAR of $357.9 million in Q2, demonstrating strong financial performance.

FanDuel operates as one of the top online casinos in the U.S., offering a variety of games such as slots, blackjack, roulette, and live dealer tables. The acquisition solidifies Flutter's dominant position in the U.S. online gambling market, enabling unified control, enhanced growth prospects, operational synergies, and extended strategic partnerships through 2038.

Sources: [1] CDC Gaming Reports - Flutter Entertainment Completes Acquisition of Boyd Gaming's Remaining Stake in FanDuel [2] Yahoo Finance - Flutter Entertainment Completes Acquisition of Boyd Gaming's Remaining Stake in FanDuel [3] The Wall Street Journal - Flutter Entertainment Buys Boyd Gaming's Remaining Stake in FanDuel [5] Bloomberg - Flutter Entertainment Completes Acquisition of Boyd Gaming's Remaining Stake in FanDuel

Flutter Entertainment's acquisition of FanDuel's remaining shares has potential implications for the technology, casino-and-gambling, and sports sectors in the U.S. The unified control of FanDuel under Flutter could lead to advancements in product development for online sports betting, casino games including slots, blackjack, roulette, and live dealer tables, and overall revenue management. Moreover, the acquisition could lower market access costs, improving margins and profitability in states where Boyd Gaming currently operates casinos, particularly in Iowa, Indiana, Kansas, Louisiana, and Pennsylvania.