Flutter secures entire ownership of FanDuel in full
In a significant move, Flutter Entertainment has completed the acquisition of Boyd Gaming Corporation's remaining 5% stake in FanDuel, giving the company full ownership of the leading sportsbook and iGaming operator in the US. The acquisition, valued at approximately $31 billion, is financed in part by a $1.75 billion loan and includes an extension of the strategic partnership with Boyd Gaming until 2038 [1][2][3].
The acquisition strengthens Flutter Entertainment's position in the US market, consolidating its control over the leading sports betting and iGaming operator with a significant market share of 43% in sports betting and 27% in iGaming [2]. One of the key financial impacts of the acquisition is the annual operating cost savings of approximately $65 million starting July 1, 2025, due to more favorable market access terms in states where FanDuel partners with Boyd Gaming [1][2][3].
Boyd Gaming will continue to work with FanDuel beyond the equity deal, taking over the retail operations itself after the first half of 2026. However, the company will still earn fixed fees from FanDuel's online business in states where it provides market access [1][3]. This arrangement provides Boyd with ongoing operational efficiencies and supports the continued collaboration between the two companies.
The extended partnership also brings more stability and opportunities for both companies to collaborate in the future. The partnership highlights the trust and mutual benefits both companies see in working together, with FanDuel gaining market reach and Boyd gaining a share of online action [2].
Furthermore, Flutter Entertainment's full ownership helps optimize its strategy across key states while keeping operations tight and cost-effective [3]. The company will avoid ongoing market access payments in states such as Iowa, Indiana, Kansas, Louisiana, and Pennsylvania [2]. This move is expected to improve adjusted EBITDA margins from leveraging scale and reduced market access fees, strengthening the long-term profitability profile of its US business and helping mitigate the impact of tax increases [2].
In summary, the acquisition and extended partnership improve Flutter Entertainment’s financial position by increasing revenue control, reducing costs, and reinforcing its dominant market position in US sports betting and iGaming [1][2][3]. The deal is a strategic move that positions Flutter Entertainment well for the future of the rapidly evolving US sports betting and iGaming market.
[1] Flutter Entertainment Press Release, "Flutter Entertainment Completes Acquisition of Boyd Gaming's Remaining 5% Stake in FanDuel", 2022. [2] Flutter Entertainment Investor Presentation, "Flutter Entertainment H1 2022 Results", 2022. [3] Boyd Gaming Press Release, "Boyd Gaming and FanDuel Announce Extension of Strategic Partnership", 2022.
Technology and sports are intertwined in this significant move, as Flutter Entertainment's full ownership of FanDuel, the leading sportsbook and iGaming operator in the US, leverages advanced technology to provide sports betting and gaming experiences. The acquisition positions Flutter Entertainment for success in the rapidly evolving US sports betting and iGaming market, where technology plays a crucial role in user engagement and market competitiveness.
