Flutter completes acquisition of Boyd’s FanDuel shares to secure 100% ownership
Flutter Entertainment completes deal to own 100% of FanDuel shares.
Key points:
– Deal for Flutter to purchase Boyd’s 5% stake in FanDuel worth $1.755bn
– However, Flutter and Boyd extend strategic partnership to 2038
– Confirmation means 100% ownership of US giant that has redefined Flutter’s trajectory as a business
– Fox may still have option to buy FanDuel shares in the future
Flutter Entertainment has completed its deal to purchase Boyd Gaming’s 5% stake in sports betting powerhouse FanDuel.
The transaction amounts to some $1.755bn, placing an overall value of $31bn on the FanDuel business.
Flutter was, of course, already the majority owner, after FanDuel was bought by Paddy Power Betfair back in May 2018 for $158m – a paltry amount compared to where the organisation has grown to now.
Boyd, itself, has recouped over 10 times more than Paddy Power Betfair paid back then – simply by selling its 5% stake.
The purchase of said stake ensures Flutter, which is primary listed in the US these days, retains 100% ownership of FanDuel, although it has extended its strategic partnership with Boyd until 2038 as part of the overall deal.
Flutter, however, has confirmed Fox still retains an option to acquire an 18.6% equity interest in FanDuel on or before 3 December 2030. How much that would set Fox back would be up for discussion – and the chances are that sum would only increase with every passing year.
Fox Sports and Flutter were previously in business together through the formation of Fox Bet, although that is a project that has since been consigned to the history books.
Good to know: Flutter CEO Peter Jackson took part in Gambling Insider‘s CEO Special in January
Flutter (and by extension FanDuel) is due to publish its Q2 2025 financial report next week.
Boyd, meanwhile, has received a not-insignificant sum as a result of this deal. For every year it held on, the operator would likely have received more and more for its 5% FanDuel stake.
But now appears a more-than-reasonable peak in the long-term curve. Few can blame Boyd for selling an equity stake that doesn’t even reach double figures for just shy of $2bn…
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