- Flutter Entertainment (FLUT, Financial) to acquire Boyd Gaming's 5% stake in FanDuel for $1.755 billion, securing full ownership.
- Deal values FanDuel at $31 billion, promising annual market access cost savings of $65 million from 2025.
- The transaction will be funded through a $1.75 billion bridge credit agreement, with completion expected in Q3 2025.
Flutter Entertainment (FLUT) has announced an agreement to purchase Boyd Gaming Corporation's 5% stake in FanDuel for approximately $1.755 billion. This acquisition will increase Flutter's ownership of FanDuel to 100%, valuing the leading sports betting and iGaming platform at roughly $31 billion. The strategic move extends Flutter's partnership with Boyd Gaming through 2038, with revised terms set to reduce market access costs in states where Boyd facilitates FanDuel's market presence.
The deal is expected to yield substantial annual savings of $65 million starting July 1, 2025. FanDuel currently leads the market with a 43% share in sports betting and 27% in iGaming.
Flutter plans to finance this acquisition via a $1.75 billion senior secured first lien term loan under a bridge credit agreement. This facility will mature 12 months after its first use, with options for two additional six-month extensions. The deal, subject to standard closing conditions and regulatory approvals, is anticipated to complete in Q3 2025.
This acquisition strengthens Flutter's position in the expanding U.S. sports betting market, enhancing its long-term profitability despite anticipated regulatory and tax implications.
