Flutter Entertainment secures full ownership of FanDuel
Flutter Entertainment finalised the acquisition of Boyd Gaming’s remaining 5 percent stake in FanDuel on 31 July 2025, following the announcement of the agreement on 10 July 2025. The $1.755 billion deal also included an extension of their partnership, allowing Flutter continued access to states where Boyd operates casinos. With this transaction, FanDuel became a wholly owned subsidiary, impacting the ownership structure and operations of both companies within the US online betting market.
The strategic buyout breakdown
Flutter has acquired Boyd Gaming’s remaining 5 percent stake in FanDuel for $1.58 billion, along with an additional $200 million to revise the terms of their partnership. This gives Flutter full ownership of FanDuel and aligns with its US market strategy.
Flutter initially acquired a majority stake in FanDuel in 2018. The platform has experienced significant growth in the US market. Full ownership allows Flutter to manage all aspects of FanDuel’s operations and revenue. Boyd Gaming will remain a partner. The agreement has been extended to 2038. Flutter will manage Boyd’s retail sportsbooks outside Nevada until 2026. After that, Boyd will take over retail operations, while Flutter will continue paying fixed fees for FanDuel’s online presence in those states.
Transforming the US sports betting market
FanDuel’s full integration under Flutter is expected to improve operational efficiency and support the rollout of new products across US states. Flutter’s technology and experience from managing other global brands contribute to FanDuel’s development. With complete ownership, Flutter now oversees all decision-making, product development, and revenue from FanDuel’s US operations. The acquisition also lowers Flutter’s market access costs in states served by Boyd Gaming, starting 1 July 2025, which may lead to improved margins and profitability.
Flutter Entertainment’s CEO, Peter Jackson, described the company’s 2018 acquisition of FanDuel as a pivotal moment in its history. Following the recent move to increase Flutter’s ownership of FanDuel to 100 percent, Jackson emphasised the strategic value of the deal. He acknowledged Boyd Gaming’s role as a long-term partner, with the partnership now extended through 2038.
Jackson said, “Our acquisition of FanDuel in 2018 is one of the most transformational events in our Group’s history, with its natural competitive advantages combined with access to Flutter Edge capabilities driving impressive growth to become the well-established and clear leader in US online sports betting and iGaming.”
Jackson further added, “I am pleased to drive future value for our shareholders by increasing our ownership of FanDuel to 100 percent. Boyd has been a fantastic partner for FanDuel, and we are delighted to be extending our important strategic partnership through to 2038.”
Flutter’s other major acquisitions
Prior to purchasing FanDuel, Flutter merged with The Stars Group in 2020 for $12 billion, expanding its portfolio to include PokerStars and FOX Bet. It increased its footprint in the European lottery and betting sectors in 2021 when it paid $2.25 billion to acquire the Italian gaming operator Sisal.
Fox Sports is still able to exercise its option to purchase an 18.6 percent stock holding in FanDuel by 3 December 2030. With a 5 percent yearly increment, the purchase price is determined by FanDuel’s valuation as of 3 December 2020. According to current calculations, exercising the option would cost about $4.5 billion.
Financial and strategic implications
In the first quarter of 2025, FanDuel reported $1.67 billion in revenue, a 19 percent increase over the same time in 2024. In the United States, licensed sportsbooks made 48 percent of their net revenue from this. The platform has the most activity among US online sports betting apps and is currently accessible in 26 states.
With its complete takeover of FanDuel, Flutter is able to keep all earnings and take full accountabilities for all operational, financial, and regulatory issues. Increased operational flexibility and higher profitability could result from this structure. It is anticipated that FanDuel will keep growing throughout the states of the United States and might incorporate new features like media integrations and real-time programming.
