Gaming Corporation agreed to sell its last 5% share in FanDuel Group to Flutter Entertainment for about $1.76 billion, all in cash. This sale lets Flutter, a gaming company from Dublin, get full control of the top U.S. online betting business. 

The companies expect to finish the deal during the third quarter of 2025, waiting for approval from regulators first. This sale brings a big financial change for Boyd, letting it unlock a lot of unrealised gains from its early FanDuel investment. Keith Smith, who leads Boyd as President and CEO, explained that they will use the cash from the deal to pay down debt, which will make it easier to invest in their properties, chase new growth plans, and reward shareholders.

Flutter Takes Full Control of FanDuel as Boyd Restructures Partnership Through 2038

As part of the buyout, Boyd and FanDuel will stop their old market-access deals and set up new ones, which last until 2038. Boyd will now earn a fixed payment for each state where FanDuel runs its mobile sports bets in Iowa, Indiana, Kansas, Louisiana, and Pennsylvania, with another payment for FanDuel’s online casino business in Pennsylvania.

FanDuel has been managing retail sportsbooks for Boyd everywhere but Nevada, and will keep doing that until mid-2026, after which Boyd will handle them instead.
Boyd estimates its online work will bring in $50 million to $55 million in both operating income and Adjusted EBITDAR in 2025, and expects this will drop to about $30 million by 2026 based on the new deals.

Keith Smith pointed out that working together for so long made a big difference for both sides, saying Boyd joined the fast sports betting industry and got good results, while FanDuel became the clear leader in U.S. online sports betting. Flutter is buying the last stake at a value which puts FanDuel’s worth around $31 billion, giving Flutter complete control over the brand, which holds a strong 43% of the U.S. online sports betting market.

Flutter Acquired Full Ownership of FanDuel, Strengthens Ties with Boyd and Eyes Expansion Beyond Sports Betting

Flutter’s CEO, Peter Jackson, shared that Boyd had always been a good partner for FanDuel, and he looks forward to keeping their close business relationship going until 2038. He said he feels glad to help create more value for Flutter’s shareholders now that Flutter will own 100% of FanDuel.

Boyd, based in Las Vegas, owns 28 gaming locations spread over 10 U.S. states, also operates a casino for a tribal group in northern California, and runs its own online casino business. Flutter, while taking on more debt to pay for this buyout, still manages its deal with Fox Corp., who may later decide to buy an 18.6% stake in FanDuel by the end of 203.

FanDuel has been trying to grow further at the same time as this sale. Recent reports say FanDuel is talking to Kalshi, a platform that is under federal rules, about working together to let users trade prediction contracts in all 50 states with the oversight of the Commodity Futures Trading Commission. This move could take FanDuel beyond the world of state-regulated sports betting.