Boyd Gaming has confirmed the completion of the previously announced agreement to sell its 5% equity share in FanDuel to Flutter.
The transaction, worth $1.75 billion, means Flutter now has full ownership of the prominent US sports betting brand.
Despite this new status, Flutter may face a dilution of its shareholding and total control, as an existing rights option held by Fox Corporation allows it to acquire 18.6% of FanDuel’s equity by December 3, 2030.
The price for this transaction to go ahead is currently estimated at $4.5 billion.
Beyond the headline sale, Boyd Gaming is expected to benefit along with Flutter as part of an ongoing strategic partnership through to 2038.
The Nevada-based developer, which reported second-quarter revenues of $1 billion, indicated in its press release that the cash proceeds from the $1.75b deal would be used toward settling existing debt liabilities, while it will also seek fresh growth opportunities and return value to shareholders.
Flutter is expected to gain from reduced market access costs in states where Boyd Gaming is the gatekeeper for FanDuel’s presence, with the savings expected to reach the $65 million mark annually.
Iowa, Indiana, Kansas, Louisiana, and Pennsylvania have been pinpointed as key markets to secure this operational efficiency.
Approximately $1.75B later, Flutter Entertainment is officially the proud owner of 100% of FanDuel*
*subject to Fox Corp.'s ongoing option to buy 18.6% of FanDuel pic.twitter.com/bkpIOqA5zH
— Geoff Zochodne (@GeoffZochodne) July 31, 2025
Future relationship with Fox Corporation
The equity option held by Fox is based on a full cash payment and subject to conditions, including licensing requirements. If they do proceed with it, there would be a significant impact on Flutter and its ownership structure, but there are protections embedded into the deal from the high cost price and aforementioned licensing terms.
Further value and scope for growth could be unlocked from potential future partner agreements between Flutter and Fox in the evolving media and sportsbook sectors.
Also, as part of the headline deal, FanDuel will continue to operate Boyd Gaming’s retail sportsbooks outside of Nevada through to June next year, with Boyd taking full responsibility after that point.
Until then, Boyd Gaming will receive set per-state fees from FanDuel’s online operations.
Image credit: FanDuel
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