Flutter Entertainment has finalized its acquisition of Boyd Gaming’s 5% share in leading sports betting operator FanDuel.
The deal is valued at approximately $1.755 billion, giving FanDuel a total valuation of around $31 billion.
Flutter, already the majority owner since Paddy Power Betfair’s 2018 purchase of FanDuel for $158 million, now assumes full ownership. The contrast in valuation underscores FanDuel’s remarkable growth, with Boyd now selling its small stake for over ten times what Paddy Power Betfair originally paid for the entire company.
As part of the transaction, Flutter has also extended its strategic partnership with Boyd through 2038, despite now holding 100% of FanDuel.
Flutter noted that Fox still holds an option to purchase an 18.6% stake in FanDuel until 3 December 2030. The potential cost of that future buy-in remains uncertain but is expected to rise as FanDuel’s value continues to climb.
While the Fox Bet joint venture between Fox Sports and Flutter has since been shut down, FanDuel remains a core focus. Flutter is also scheduled to release its Q2 2025 financial results next week.
Boyd Gaming walks away with a hefty return, having sold a minority stake for nearly $2 billion – an opportunity few would pass up. Given current market conditions, the timing likely represents a peak in value for Boyd’s small but lucrative slice of FanDuel.
