Flutter Buys Out Boyd for Full FanDuel Ownership

Flutter Entertainment announced it has taken full control of FanDuel. The company decided to buy out the remaining stake from Boyd Gaming in a deal worth roughly $1.8 billion.

Good to know

• Flutter will save about $65 million each year starting in July 2025 thanks to lower market access fees.
• The deal values FanDuel at $31 billion and is expected to close in the third quarter of 2025.
• Boyd will keep earning fixed fees from FanDuel’s online betting operations in multiple states, even after giving up its 5% stake.

Boyd Gaming has been part of the FanDuel journey since Flutter first invested in the sportsbook back in 2018. Now, with this new agreement, Boyd plans to use the cash to pay down debt while still keeping a revenue stream from FanDuel’s operations in places like Iowa, Pennsylvania, Kansas, Louisiana, and Indiana.

Peter Jackson, Flutter’s CEO, described the 2018 FanDuel acquisition as a game-changing moment for the group. He 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.”

He also praised Boyd’s role in the growth of FanDuel and said:

“Boyd have been fantastic partners for FanDuel, and we are delighted to be extending our important strategic partnership through to 2038.”

For Boyd Gaming, letting go of its final 5% stake in FanDuel made financial sense. Keith Smith, the company’s president and CEO, said:

“This transaction unlocks the tremendous unrealized value that our investment in FanDuel has created for our Company.” 

He added that the added liquidity will help Boyd invest more in its properties, manage its balance sheet better, and explore new business opportunities.

Even with the ownership shift, the connection between the two companies is far from over. FanDuel will continue running Boyd’s retail sportsbooks outside Nevada until mid-2026. After that, Boyd will take over those retail operations. Boyd will also keep supporting FanDuel’s online expansion through market access agreements.

Keith Smith spoke positively about the long-running collaboration, saying:

“The partnership between Boyd and FanDuel has been a remarkable success for both companies. FanDuel has emerged as the nation’s clear leader in online sports-betting, while Boyd has been able to leverage this partnership to profitably participate in the rapid growth of sports betting across the country.”

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