Flutter Acquires Full Ownership of FanDuel and Extends Boyd Partnership to 2038

Securing FanDuel’s Market Dominance

The acquisition cements FanDuel’s position as the U.S. leader, leveraging Flutter’s proprietary “Flutter Edge” technology, which drives its competitive edge in odds pricing and user experience.

“Our acquisition of FanDuel in 2018 is one of the most transformational events in our Group’s history,” said CEO Peter Jackson.

The buyout includes Boyd’s 4.5% stake in FanDuel Investor Units and 0.5% in warrants, increasing Flutter’s control over a brand that generated $4.5 billion in U.S. revenue in 2024.

However, Fox retains an option to acquire an 18.6% stake in FanDuel by 2030 for $4.5 billion, as noted in Flutter’s 2024 SEC filing, pending licensing requirements.

Cost Savings and Strategic Partnership

The agreement revises market access terms in states like Indiana, Iowa, Kansas, Louisiana, and Pennsylvania, where Boyd provides FanDuel’s access.

These changes, effective July 1, 2025, reduce costs by $65 million annually, powering Flutter’s adjusted EBITDA margin amid rising state taxes.

From Q2 2026, FanDuel will cease operating Boyd’s retail sportsbooks, with minimal revenue impact expected. “Boyd have been fantastic partners, and we are delighted to extend our partnership to 2038,” Jackson added.

To fund the $1.755 billion transaction, $1.55 billion for the stake and $205 million for commercial revisions, Flutter secured a $1.75 billion bridge credit facility, with a 12-month term and two six-month extension options at Term SOFR plus a 1.25% margin.

The deal, subject to regulatory approvals, is set to close in Q3 2025. While leverage will temporarily rise, Flutter projects a return to its 2.0-2.5x target by 2026.

An update on tax impacts will be provided during Flutter’s Q2 earnings in August.