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Read Full BioFlutter Entertainment has acquired the 5% of FanDuel that it didn’t already own from Boyd Gaming in a deal worth $1.755 billion, which values the platform at $31 billion. In addition to the buyout, the two companies have extended their partnership until 2038.
United Kingdom-based Flutter merged its US business with FanDuel in 2018 and increased its stake to 95% in 2020, which left Boyd with a minority share.
Meanwhile, after a lengthy legal battle, Fox Corporation retains an option to acquire up to an 18.6% stake in FanDuel by 2030 at a $4.5 billion valuation.
Flutter Expects $65M Annual Savings
The 5% acquisition will include $1.55 billion for equity and $205 million for commercial-term adjustments.
Flutter and Boyd will extend their collaboration partnership through 2038, revising market-access agreements in several states, including Iowa, Indiana, Kansas, Louisiana, and Pennsylvania. For these states, Boyd will receive a fixed fee.
Flutter anticipates that with the adjusted agreements in those states, it will be able to save $65 million annually, starting July 1, 2025. Although the company expects leverage to increase temporarily, it remains committed to its target debt-to-EBITDA ratio of 2.0-2.5x.
Beyond cost efficiencies, securing 100% ownership of FanDuel, which the company claims holds the top spot in sports betting and iGaming, gives Flutter complete control over one of its most important assets.
This will allow the company to simplify its corporate structure, streamline decision-making, and fully consolidate FanDuel’s financial results. At the same time, the acquisition removes potential future tensions with minority interests and profit-sharing.
Furthermore, the acquisition also supports Flutter’s broader strategy of improving margins and responding to global cost pressures. Recently, the company announced job cuts in the UK and a $875 million share buyback program to optimize its capital structure.
Additionally, to protect margins, the company announced that FanDuel will introduce a surcharge of $0.50 per bet in Illinois as a response to recent tax hikes in the state.
The transaction is expected to close in the third quarter of 2025, pending regulatory approvals.
FanDuel Dominates U.S. Sports Betting
Owning 100% of FanDuel is also significant for Flutter as the operator dominates the US sports betting market.
In its announcement, Flutter claims the platform holds 43% market share in sports betting across the US. That figure is supported by an H2 Gambling Capital (via Reuters) report.
H2 Gambling Capital estimates FanDuel’s market share to be 44%, with a lead of 10% over rival DraftKings.
The latest state-level revenue data further highlights FanDuel’s dominance in major sports betting markets:
- New York: 44% market share, ahead of DraftKings’ 34%.
- New Jersey: 45% vs. DraftKings’ 29%.
- Ohio: 33.9%, narrowly ahead of DraftKings’ 30.4%.
- Illinois: 37% vs. 30% for DraftKings.
- Michigan: 46.5% vs. 26% for DraftKings.
FanDuel’s in a Tight Race for Top iGaming Spot
While it’s not as dominant in iGaming as in sports betting, FanDuel still claims it holds the top spot in a tightly contested battle with DraftKings and BetMGM.
However, the figure of 27% that it quotes in its Boyd Gaming announcement includes market share for PokerStars, which Flutter also owns.
In New Jersey, FanDuel Casino holds the top spot with a 22.1% market share. DraftKings trails closely with19.4%, while BetMGM took 13.2%.
In Michigan, FanDuel and BetMGM have traded the top position throughout 2025. BetMGM took the top spot in May, while the previous month, FanDuel was the winner.
The difference between the two in total revenue in 2025 is less than $2 million. For context, both operators generated over $67 million in May alone.
Pennsylvania does not report revenue by each operator individually but by retail casinos, which hold the licenses.
The latest figures show that Hollywood Penn National casino, under which DraftKings, BetMGM, Fanatics, and Hollywood Casino operate, had a 37.3% market share. Meanwhile, Valley Forge, the license partner of FanDuel and Stardust, had a 22.1% share.
Given Stardust’s minimal footprint in New Jersey, FanDuel likely holds around a 20% share in the state. That will likely put it either slightly ahead or close behind one of DraftKings or BetMGM (based on Hollywood Casino and Fanatics’ performance in other states).
