Flutter Entertainment completes Boyd deal for 100% FanDuel ownership

Flutter has acquired the remaining 5% of FanDuel from Boyd Gaming for $1.755bn, securing full ownership of the leading US sports betting platform.

Flutter Entertainment has finalized its agreement with Boyd Gaming Corporation to acquire the remaining 5% stake in FanDuel for approximately $1.755bn, securing full ownership of the leading US sports betting platform at an implied valuation of $31bn. 

The deal also extends the strategic partnership between the two companies through 2038.

The transaction brings financial benefits to Flutter, according to the operator. The company says it will benefit from reduced market access costs in states where Boyd Gaming facilitates FanDuel’s entry. These savings are expected to generate approximately $65m annually starting July 1, 2025, improving operational efficiency in key markets such as Iowa, Indiana, Kansas, Louisiana and Pennsylvania.

Despite securing full current ownership, Flutter may face potential future dilution due to Fox Corporation’s existing option agreement. Fox holds the right to acquire an 18.6% equity interest in FanDuel on or before December 3 2030, at an exercise price currently estimated at $4.5bn. 

This price reflects FanDuel’s fair market valuation of $20bn as of December 2020, adjusted by a 5% annual escalator. The option requires full cash payment and appropriate licensing for Fox to exercise.

The Fox option represents a significant contingent liability that could impact FanDuel’s ownership structure if exercised. However, the high exercise price and licensing conditions offer Flutter a degree of protection while preserving the possibility of Fox as a future strategic partner in the evolving media and sports betting ecosystem.

Good to know: Flutter Entertainment and Fox Corporation previously worked together to create the now-defunct Fox Bet brand

The evolution of the Boyd partnership also reflects the strategic priorities of both companies. FanDuel will continue to operate Boyd’s retail sportsbooks outside of Nevada through the first half of 2026, after which Boyd will assume operational control.

In the meantime, Boyd will receive fixed per-state fees from FanDuel’s online operations in the aforementioned jurisdictions.

Carlos Mendez

Writer

Odds tell a story long before the result does. When bettors learn to read that story properly, betting becomes a matter of discipline and value rather than emotion or guesswork.

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