Flutter Consolidates FanDuel Ownership in $1.755 Billion Deal with Boyd Gaming

The Flutter brand logo above diverse sporting visuals associated with FanDuel, representing the financial transaction that grants Flutter full ownership of FanDuel.

Global gaming leader Flutter Entertainment has completed a significant strategic transaction to consolidate its control over its premier US asset, acquiring Boyd Gaming’s 5% equity stake in the sports betting giant FanDuel.

The deal, valued at a substantial $1.755 billion, gives Flutter 100% ownership of FanDuel and places an overall valuation on the business at an impressive $31 billion.

This move underscores the meteoric rise of FanDuel, which was acquired by Flutter’s predecessor, Paddy Power Betfair, in 2018 for just $158 million.

The current valuation demonstrates an extraordinary return on investment for all early stakeholders. For Boyd Gaming, the sale represents a massive financial windfall, allowing the company to realize a profit of over $1.7 billion on its minority share, a figure more than ten times the entire original acquisition price of FanDuel.

While Boyd has cashed in its equity, the deal is not a complete separation; the two companies have simultaneously extended their strategic operational partnership until 2038, ensuring a long-term collaborative relationship.

For Flutter, which now holds its primary stock listing in the United States, securing full ownership of FanDuel simplifies the structure of its most valuable asset. The acquisition solidifies its control ahead of its upcoming Q2 2025 financial report, which is expected to provide further insight into FanDuel’s market-leading performance.

However, a significant variable remains in FanDuel’s long-term ownership structure. Flutter has confirmed that Fox Corporation retains its option to acquire an 18.6% equity interest in FanDuel.

This option is exercisable on or before December 3, 2030. The price of such a transaction would be determined at the time and would likely reflect FanDuel’s continued growth, leaving an important question mark over the future composition of the sports betting powerhouse.

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