Flutter Entertainment Completes $1.76 Billion Buyout of Remaining 5% Stake in FanDuel
Flutter Entertainment has officially acquired the remaining 5% stake in FanDuel from Boyd Gaming Corporation for $1.758 billion.
Full Ownership of FanDuel
The transaction closed on July 31, 2025, giving Flutter Entertainment full ownership of the U.S.-based sports betting operator.
The $1.758 billion payment included approximately $1.6 billion for equity and $200 million related to revised commercial terms between the companies.
Deal Financing
The acquisition was funded through debt financing. Earlier in July, Flutter had announced plans to finalize the deal, valuing FanDuel at $31 billion.
Amended Terms and Cost Savings
The agreement extends the strategic partnership between Flutter and Boyd through 2038. It also includes reduced market access fees in five U.S. states:
- Indiana
- Iowa
- Kansas
- Louisiana
- Pennsylvania
These changes are expected to generate annual savings of approximately $65 million for Flutter Entertainment starting July 1, 2025.
Boyd Gaming’s Use of Proceeds
Boyd Gaming has received $1.758 billion in cash and will use the proceeds to reduce existing debt obligations.
Deal Participants
| Party | Role |
|---|---|
| Moelis & Company LLC | Financial advisor to Boyd Gaming |
| Morrison & Foerster LLP | Legal counsel to Boyd Gaming |
| Flutter Entertainment plc | Acquirer, financed the transaction through debt |
Strategic Importance for Flutter
Full control over FanDuel provides Flutter Entertainment with greater operational flexibility and streamlines decision-making in the U.S. betting market. The move also strengthens the company’s position amid increasing competition.
About FanDuel
FanDuel is one of the leading sports betting platforms in the U.S., offering sports wagering, fantasy sports, and online casino games. Since its initial partnership with Flutter, the platform has consistently grown its market share and revenue.
Conclusion
By acquiring the remaining 5% of FanDuel and renegotiating key terms of the partnership, Flutter has consolidated its assets and secured significant cost efficiencies. The transaction closed on July 31, 2025, marking a major milestone for Flutter in the U.S. market.