Flutter Entertainment has announced a strategic agreement with Boyd Gaming Corporation to acquire Boyd’s 5% stake in FanDuel, securing 100% ownership of the leading US sports betting and iGaming platform.

This move, valued at approximately $1.755 billion, is expected to enhance Flutter’s market position and generate annual savings of $65 million through reduced market access costs.

The deal will take Flutter’s holding in the sports betting and igaming business in the US to 100 per cent, at an implied valuation of approximately $31bn.

Peter Jackson, Flutter chief executive, said: “Our acquisition of FanDuel in 2018 is one of the most transformational events in our group’s history, with its natural competitive advantages combined with access to Flutter Edge capabilities driving impressive growth to become the well-established and clear leader in US online sports betting and igaming. 

“I am really pleased to drive future value for our shareholders by increasing our ownership of FanDuel to 100 per cent. Boyd have been fantastic partners for FanDuel, and we are delighted to be extending our important strategic partnership through to 2038.”

The deal is subject to customary closing conditions, including the receipt of certain regulatory approvals, and is expected to complete in the third quarter of 2025. It will be funded by additional debt financing.

Flutter and a number of its subsidiaries have also entered into a bridge credit agreement with certain banks to secure a $1.75bn facility.