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Flutter Entertainment has struck a deal to acquire the remaining 5% stake in FanDuel from Boyd Gaming for approximately $1.755 billion, securing full ownership of the dominant U.S. sportsbook. The deal is expected to close in the third quarter of 2025, according to the announcement from Flutter.
The $1.755 billion deal values FanDuel at approximately $31 billion. Boyd’s exit from FanDuel includes a $1.55 billion payment for the equity stake and an additional $205 million to change certain terms of the agreement.
The deal is projected to deliver roughly $65 million in annual operating cost savings beginning July 1.
“With this transaction, we see Flutter looking to reduce ambiguity and present a cleaner story to investors,” analysts at Truist Securities wrote. “Flutter has now secured full ownership of FanDuel, its prized U.S. asset.”
Flutter first merged with FanDuel in 2018 and increased its ownership to 95% in 2020.
FanDuel dominates the U.S. sports betting space, with a 43% market share in sports betting and 27% in iGaming. In 2024, $50.8 billion was wagered on FanDuel, with the company reporting $5.79 billion in revenue. It also led in app downloads that year, logging 10.8 million, compared with 9.9 million for DraftKings.
In 2024, nationwide sports betting revenue reached $13.71 billion, a 25.4% increase from 2023’s record of 11.04 billion, according to the American Gaming Association.
While Boyd Gaming exits from FanDuel’s ownership, the two companies will extend their partnership in certain states where Boyd provides market access under newly revised terms.
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