In early July, Flutter Entertainment reached a decisive agreement with Boyd Gaming to acquire the remaining 5% of FanDuel. The amount is approximately $1.755 billion, bringing FanDuel’s valuation to approximately $31 billion. This transaction marks the culmination of a long process that began in 2018 when Flutter acquired a majority stake in the platform.
In addition to this acquisition, the strategic commitment between Flutter and Boyd Gaming has been extended until 2038, confirming a long-term collaboration even after the sale of Boyd’s shares.
Why did Flutter make this choice?
This final acquisition gives Flutter full control of FanDuel, now the number one sports betting company in the United States, with a 43% market share in sports betting and 27% in iGaming. CEO Peter Jackson emphasises that this move transforms the group’s position by maximising value for shareholders.
In addition, the agreement includes a revision of the commercial terms with Boyd. Flutter expects annual savings of $65 million from 1 July 2025, thanks to significantly reduced market access fees in several states where Boyd provides regulatory access for FanDuel.
What will happen to Boyd Gaming?
Boyd will resume management of its physical outlets outside Nevada by mid-2026, after FanDuel has temporarily taken over. The group also receives a fixed fee for each state where it provides mobile access to FanDuel, ensuring a stable income until 2038.
The history of FanDuel and Flutter
FanDuel was founded in 2009 as a fantasy sports platform before merging with Paddy Power Betfair (now Flutter) in 2018. Flutter gradually increased its stake: first to a majority, then to 95% in 2020 through a $4.1 billion buyout. The agreement of 31 July 2025 finally allows it to achieve total control of the company.
Flutter Entertainment’s full acquisition of FanDuel marks a turning point in the history of online sports betting in the United States. With record valuation, optimised savings and an extended strategic partnership, Flutter is now the undisputed leader in American iGaming.