Flutter Entertainment has struck a big move in the US market. The company has agreed to buy Boyd’s 5% stake in FanDuel, taking its ownership to 100%. This Flutter FanDuel acquisition also extends a key partnership that will now run until 2038.

  • Flutter will pay around $1.755bn to acquire Boyd’s minority stake in FanDuel. With this move, Flutter fully controls the top US sports betting and iGaming brand. The deal values FanDuel at roughly $31bn, underlining its strong market lead.

  • FanDuel holds a 43% share in sports betting and 27% in iGaming across the US. This scale puts Flutter in a powerful position to grow revenue and improve its US business margins. The Flutter FanDuel acquisition is set to help reduce long-term costs.

  • The partnership extension with Boyd cuts market access fees in several states. Flutter expects to save about $65m per year starting July 1, 2025. These savings support the company’s plan to protect profitability against rising US tax costs.

  • The transaction still needs regulatory approvals and is expected to close in Q3 2025. Flutter will use new debt financing through a $1.75bn bridge credit agreement to fund the purchase. The facility has a one-year maturity with two possible six-month extensions.

  • CEO Peter Jackson said: “I am really pleased to drive future value for our shareholders by increasing our ownership of FanDuel to 100%.” Jackson highlighted the strong growth since acquiring FanDuel in 2018 and praised Boyd’s ongoing partnership.

  • The new credit facility will carry interest at Term SOFR plus 1.25% and help refinance the deal costs. It can also be used for general corporate purposes and working capital. The terms largely match Flutter’s existing loan agreements with its banking partners.

  • Flutter remains focused on keeping its medium-term leverage ratio between 2.0-2.5x. While debt levels will rise temporarily, the company expects rapid deleveraging thanks to FanDuel’s growth. The acquisition strengthens Flutter’s push in the US online betting market.

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