Boyd Gaming Corporation has finalized an agreement to sell its remaining 5% stake in FanDuel Group to Flutter Entertainment for approximately $1.76 billion in cash, effectively transferring full ownership of the leading online betting platform in the U.S. to the Dublin-based gaming company.
The deal is anticipated to close in the third quarter of 2025, pending regulatory approvals. This transaction represents a significant financial victory for Boyd, revealing what the company considers “substantial unrealized value” from its initial investment in FanDuel.
Keith Smith, President and CEO of Boyd, stated that the funds from the sale will be utilized to reduce debt, thus enhancing the company’s ability to undertake property investments, capitalize on growth opportunities, and boost shareholder returns.
In conjunction with the equity sale, Boyd and FanDuel will terminate existing market-access contracts and establish new agreements extending through 2038. Under these new arrangements, Boyd will earn a fixed fee from FanDuel’s mobile sports betting operations across Iowa, Indiana, Kansas, Louisiana, and Pennsylvania, along with its online casino services in Pennsylvania.
Keith Smith, President and CEO of Boyd Gaming
FanDuel will continue to oversee Boyd’s retail sportsbooks outside of Nevada until mid-2026, after which Boyd will take control of those operations. Boyd now projects that its online segment will yield between $50 million and $55 million in operating income and Adjusted EBITDAR in 2025, dropping to around $30 million in 2026 due to the updated agreements.
Smith emphasized the success of their long-lasting collaboration, remarking: “Our partnership with FanDuel has been highly fruitful for both organizations. FanDuel has established itself as the leading force in online sports betting, while Boyd has effectively leveraged this relationship to benefit from the rapid expansion of the sports betting industry nationwide.”
The acquisition by Flutter values FanDuel at approximately $31 billion, granting Flutter complete ownership of the platform, which commands a commanding 43% share of the U.S. online sports betting landscape.
Flutter’s CEO Peter Jackson remarked: “Boyd has been an exemplary partner for FanDuel, and we are thrilled to extend our critical strategic partnership until 2038. I am genuinely pleased to enhance shareholder value by increasing our stake in FanDuel to 100%.”
Peter Jackson, CEO of Flutter
Based in Las Vegas, Boyd operates 28 gaming properties across ten states in the U.S., manages a tribal casino in Northern California, and runs an online casino gaming operation. As Flutter moves forward with additional debt financing for this acquisition, it continues to manage its option agreement with Fox Corp, which may still consider acquiring an 18.6% stake in FanDuel by December 2030.
This sale coincides with FanDuel’s expansion efforts. Recently, reports indicated that the sportsbook giant is exploring a partnership with federally regulated event contract platform Kalshi, which could allow access to prediction markets in all 50 states under the Commodity Futures Trading Commission’s jurisdiction, representing a potential shift beyond standard state-regulated sports betting.
FanDuel's new headquarters in Manhattan
Additionally, in June, FanDuel officially opened its new 36,000-square-foot headquarters located in the Flatiron District. The grand opening attracted New York State Senator Joseph Addabbo Jr., highlighting the brand’s ongoing commitment to investing in key online gaming markets.