Boyd Gaming has published new financial numbers for its online business for fiscal years 2025 and 2026, sharing that it expects $50–55 million in operating income and adjusted EBITDAR.

Key points:

• Flutter’s full 100% stake in FanDuel implies a valuation of $31 billion for Flutter, which has made bridge credit agreements with several banks to finance the deal.
• Flutter and Boyd Gaming have extended their strategic partnership until 2038, and the new terms will reduce market access costs, saving Flutter $65 million per year starting from 2025.

Flutter Entertainment will pay approximately $1.8 billion ($1.755 billion) to Boyd Gaming to acquire the remaining FanDuel shares, resulting in Flutter’s 100% ownership. Both parties will continue to collaborate until 2038. With the new deal, Flutter will lower its yearly spend by around $65 million, thanks to smaller market access fees in the states where Boyd helps FanDuel enter.

Boyd Gaming to Sell FanDuel Stake to Flutter for $31 Billion, Aiming to Strengthen Financial Position and Pursue Growth

The companies expect to close the deal in Q3 2025, pending approval from all regulators, and Boyd will use the funds to reduce its total debt. Keith Smith, Boyd Gaming President and CEO, said, “This deal lets us unlock value created by our FanDuel stake. We get a stronger financial place to invest in our facilities, look for new growth, pay our shareholders, and keep our balance sheet stable.”

Smith also stated, “Boyd and FanDuel’s partnership benefited both sides. FanDuel became the top online sports betting brand, and Boyd used teamwork to join the sports betting boom nationwide.” Boyd Gaming has reported new financial goals for its online division for full fiscal years 2025 and 2026, planning to achieve an operating income of $50–$55 million, plus adjusted EBITDAR, each year.

Flutter’s total takeover of FanDuel values the business at $31 billion, and the company arranged bridge loans with various banks along with select subsidiaries to back the purchase. Of note, Flutter announced it will charge a $.50 transaction fee per bet in Illinois. This step follows the state adding a $.25 tax on the initial 20 million wagers per operator, followed by $.50 tax on subsequent bets.

Flutter Acquires Full Ownership of FanDuel, Strengthens Strategic Partnership with Boyd Gaming

Peter Jackson, CEO of Flutter, stated, “When we bought FanDuel in 2018, it changed our Group’s journey. With the company’s own advantages and Flutter Edge tools, its growth made FanDuel the US leader in online sports betting and iGaming.” Jackson explained, “I’m glad to add value for shareholders by taking our FanDuel stake up to 100%. Boyd helped FanDuel grow, and we look forward to keeping our strategic alliance active till 2038.”

Once the agreement is completed, Boyd Gaming will get a fixed fee for giving FanDuel online market entry in Iowa, Indiana, Kansas, Louisiana, Pennsylvania, plus for FanDuel’s online casino in Pennsylvania. FanDuel still operates Boyd’s retail sportsbooks outside Nevada through mid-2026, and after that, Boyd will run these businesses. Boyd previously held a 5% equity share in the sportsbook. Another financial update: Flutter completed the acquisition of a 56% stake in NSX Group (the owner of Betnacional, a Brazilian sportsbook) on May 15, paying approximately $350 million in cash.