Flutter Gains 100% Control of FanDuel

Flutter Entertainment now holds every share of FanDuel after completing its $1.755 billion purchase of Boyd Gaming Corporation’s remaining 5% stake. The deal values the top U.S. sports betting platform at about $31 billion and tightens the long-standing connection between Flutter and Boyd, with their strategic partnership now extended to 2038.

Good to know

• Full ownership gives Flutter more control over FanDuel’s operations and financial planning.
• The acquisition is expected to save about $65 million each year in market access costs starting July 2025.
• Fox Corporation still holds an option to buy into FanDuel, which could shift ownership in the future.

Taking the final piece of FanDuel wasn’t just about bragging rights—it’s about efficiency and cost savings. Flutter will now avoid ongoing market access payments in states where Boyd Gaming paved the way for FanDuel’s online operations, such as Iowa, Indiana, Kansas, Louisiana, and Pennsylvania. The operator expects these reduced fees to add roughly $65 million to its bottom line annually.

“Full ownership helps us optimize our strategy across key states while keeping our operations tight and cost-effective,” a Flutter spokesperson explained in the company’s release.

Fox Still in the Picture

Even with complete ownership today, Flutter could face changes in the future. Fox Corporation holds an option to buy an 18.6% stake in FanDuel any time before December 3, 2030. That deal comes with a steep price tag—currently estimated at $4.5 billion—and requires Fox to secure the necessary gaming licenses.

The option is based on FanDuel’s $20 billion market valuation as of December 2020, with a 5% annual increase baked in. For now, Flutter enjoys control, but Fox remains a possible partner down the road, especially as media and sports betting continue to overlap in the U.S.

The Boyd-FanDuel relationship isn’t ending just because the equity deal is done. FanDuel will continue running Boyd’s retail sportsbooks outside Nevada through the first half of 2026. After that, Boyd plans to take over the retail operations itself, while still earning fixed fees from FanDuel’s online business in the states where it provides market access.

The extension of the partnership to 2038 highlights the trust and mutual benefits both companies see in working together—FanDuel gets market reach, Boyd gains a share of online action.

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