Boyd to sell remaining 5% FanDuel stake to Flutter for $1.76 billion

Boyd Gaming Corporation has reached a definitive agreement to sell its remaining 5% interest in FanDuel Group to Flutter Entertainment for approximately $1.76 billion in cash, a move that hands full ownership of the leading U.S. online betting operator to the Dublin-based gaming giant. 

The transaction is expected to close in the third quarter of 2025, pending regulatory approvals. The deal marks a major financial milestone for Boyd, unlocking what the company described as “tremendous unrealized value” from its initial investment in FanDuel. 

Boyd President and CEO Keith Smith said proceeds from the sale will be used to reduce debt, strengthening the company’s position to pursue property investments, future growth opportunities, and shareholder returns.

Alongside the equity sale, Boyd and FanDuel will terminate existing market-access agreements and enter into new arrangements extending through 2038. Under these agreements, Boyd will receive a fixed fee per state from FanDuel’s mobile sports betting operations in Iowa, Indiana, Kansas, Louisiana, and Pennsylvania, as well as from its online casino business in Pennsylvania. 

Boyd President and CEO Keith Smith

FanDuel will continue managing Boyd’s retail sportsbooks outside of Nevada through mid-2026, after which Boyd will take over operations. Boyd now anticipates its online segment will generate between $50 million and $55 million in operating income and Adjusted EBITDAR in 2025, declining to roughly $30 million in 2026 due to the revised agreements.

Smith highlighted the impact of the long-running collaboration, stating: “The partnership between Boyd and FanDuel has been a remarkable success for both companies. FanDuel has emerged as the nation’s clear leader in online sports betting, while Boyd has been able to leverage this partnership to profitably participate in the rapid growth of sports betting across the country.”

Flutter’s acquisition values FanDuel at around $31 billion and consolidates its full ownership of the platform, which holds a dominant 43% share of the U.S. online sports betting market. 

Flutter CEO Peter Jackson stated: “Boyd have been fantastic partners for FanDuel, and we are delighted to be extending our important strategic partnership through to 2038. I am really pleased to drive future value for our shareholders by increasing our ownership of FanDuel to 100%."

Flutter CEO Peter Jackson

Las Vegas-based Boyd operates 28 gaming properties across 10 U.S. states, manages a tribal casino in northern California, and runs an online casino gaming business. As Flutter takes on additional debt financing to fund the purchase, it also continues to navigate its option agreement with Fox Corp, which may still exercise an opportunity to buy an 18.6% stake in FanDuel by December 2030.

The sale comes amid expansion moves for FanDuel. Last month, reports surfaced that the sportsbook giant is in discussions with federally regulated event contract platform Kalshi, exploring a potential partnership that could open access to prediction markets across all 50 states under Commodity Futures Trading Commission oversight, a possible pivot beyond traditional state-regulated sports betting. 

FanDuel's new office in Manhattan

Also in June, FanDuel inaugurated its new 36,000-square-foot Manhattan headquarters in the Flatiron District. The launch event drew New York State Senator Joseph Addabbo Jr., underscoring the brand’s continued investment in key online gaming markets.