Flutter Corporation completes acquisition of FanDuel entirely, following a $1.76 billion purchase from Boyd Corporation.
Flutter Entertainment's Acquisition of Boyd Gaming's FanDuel Stake Signals Growth and Confidence
In a significant move, Flutter Entertainment has completed the acquisition of Boyd Gaming's remaining 5% stake in FanDuel for approximately $1.76 billion [1][3]. This deal consolidates Flutter's ownership of FanDuel, with the transaction expected to close in Q3 2025 following regulatory approval.
FanDuel, now Flutter's largest U.S. growth engine, is projected to generate revenue of around $5.2 billion in 2025 [1]. The company's strong market performance is evident, with U.S. revenue forecast to grow by 28% to $7.4 billion in 2025 [1]. This growth is driven by an increase in average monthly active users to 4.4 million.
International revenue is also on the rise, expected to increase by 17% to $9.7 billion, supported by recent acquisitions in Europe and Brazil [1]. FanDuel Sports Network, linked with FanDuel's ecosystem, exhibits significant streaming ad revenue growth of 25% and rapid subscriber expansion. It nearly doubled paid subscribers in eight weeks during May 2025 and is projected to hit 1 million by year-end 2025 [2].
Regionally, FanDuel is highly competitive. For example, in Michigan's online casino market, FanDuel and BetMGM are nearly tied in revenue in the first half of 2025, emphasizing FanDuel’s strong competitive positioning in key U.S. states [4].
The contrast in valuation shows FanDuel's remarkable growth. Boyd Gaming received a hefty return by selling a minority stake in FanDuel for nearly $2 billion, over ten times what Paddy Power Betfair originally paid for the entire company [1].
Despite now holding 100% of FanDuel, Flutter has extended its strategic partnership with Boyd Gaming. FanDuel remains a core focus for Flutter, and the extended partnership will last until 2038 [1]. Fox still holds an option to purchase an 18.6% stake in FanDuel by December 2030, but the potential cost of this future buy-in remains uncertain, expected to rise as FanDuel's value continues to increase [1].
The shutdown of the Fox Bet joint venture between Fox Sports and Flutter's previous partner, Flutter, underscores the company's commitment to FanDuel as its primary U.S. focus [1]. Flutter, previously the majority owner, now assumes full ownership of FanDuel, positioning the company as a central pillar in Flutter’s strategy and projected earnings growth [1][2][3][4].
Flutter is scheduled to release its Q2 2025 financial results next week.
[1] Flutter Entertainment Press Release, [link to press release] [2] FanDuel Financial Report, [link to financial report] [3] Boyd Gaming Press Release, [link to press release] [4] Michigan Gaming Control Board Report, [link to report]
In the realm of finance and business, Flutter Entertainment's acquisition of Boyd Gaming's stake in FanDuel signifies a significant expansion of their sports betting portfolio, a key aspect of their lifestyle and technology-driven strategy. The growth potential of FanDuel, slated to generate over $5 billion in revenue by 2025, positions it as a significant growth engine for Flutter, crossing territory into finance, technology, and the sports industry.
