Flutter acquires the last 5% of FanDuel
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19 Jul 2025 •
Reading time: 2 minutes Since 2018, Flutter Entertainment had bet big on FanDuel when sports betting was liberalised in the United States. In July 2025, a new chapter opened: Flutter has just announced the acquisition of the remaining 5% of FanDuel, held by Boyd Gaming, for $1.755 billion. This major operation raises Flutter’s ownership to 100%, consolidating its grip on the American online betting behemoth.
What does Flutter stand to gain?
The deal has two components: $1.55 billion for shareholders, plus $205 million to optimise commercial conditions. At the same time, a new partnership with Boyd until 2038 replaces revenue sharing in five key states (Illinois and Pennsylvania in particular) with fixed costs, guaranteeing Flutter annual savings of $65 million from July 2025.
Financed by a bridge loan of $1.75 billion, the transaction will not involve any capital increase. Flutter is counting on FanDuel’s very strong profitability to bring its debt-to-equity ratio down to the target zone after closing, scheduled for the third quarter of 2025.
Why this moment? A carefully thought-out expansion strategy
Since entering the US market in 2018, Flutter has methodically extended its hold on FanDuel, strengthened in 2020 with the purchase of Fastball Holdings’ stake. Since then, FanDuel has established itself as a key player, with a 43% market share in online sports betting and 27% in online iGaming.
This acquisition is part of a strategic vision to rationalise costs, simplify the company’s structure and prepare for the arrival of new regulated markets. The savings generated will also be used to absorb any future tax increases.
A lasting partnership with Boyd: alignment and stability
Despite the sale of its shares, Boyd Gaming will remain a partner until 2038. The company will receive fixed fees in five markets where it will provide access to FanDuel. At the same time, FanDuel will operate Boyd’s physical outlets outside Nevada until mid-2026, when Boyd will resume direct operations.
How will FanDuel be valued?
The deal values FanDuel at around $31 billion, a figure in line with its performance as the leading player in sports betting and iGaming, with $50.8 billion wagered in 2024, generating $5.79 billion in revenue and almost 11 million app downloads.
In comparison, its main competitor, DraftKings, is valued at $22 billion. The difference underlines FanDuel’s hegemony on the American market.
And what about Fox? An outstanding option
Fox Corp has a clause allowing it to acquire 18.6% of FanDuel before 3 December 2030. The price will be based on the fair market value at the end of 2020 ($20 billion), increased by 5% a year, i.e. around $4.5 billion today.
Consequences for investors and the market
For Flutter, total control of FanDuel will mean greater transparency for investors, operational rationalisation and tax optimisation. Thanks to savings of €65 million a year and sustained growth, the company hopes to rapidly reduce its debt and boost its investment capacity.