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Flutter Entertainment has closed its $1.758 bn cash purchase of Boyd Gaming’s remaining 5 % stake in FanDuel, giving the Dublin-based group 100 % control of the top U.S. sportsbook and iGaming operator.

All-In Ownership — Deal Closes at 100%

Portaria SPA/MF No. 1 665, published 31 July, confirms the transaction’s close, transferring the final 5 % equity to Flutter and ending a seven-year shared-ownership structure that began with a 2018 merger and a 2020 top-up to 95 %.

Debt-Fueled Buyout Math & $31bn Price Tag

The consideration: $1.55 bn for the shares plus $205 m for revised commercial terms, implies a FanDuel valuation of roughly $31 bn. Flutter financed the deal with new debt raised earlier in July.

Access Fees Slashed for Savings

Flutter and Boyd have renewed their strategic partnership through 2038. Under the revised terms, FanDuel’s market-access fees in Indiana, Iowa, Kansas, Louisiana, and Pennsylvania drop sharply, delivering about $65 m in annual savings from 1 July 2025.

Full Control Springboard for U.S. Listing Push

Full ownership streamlines governance ahead of a potential FanDuel U.S. listing and cements Flutter’s grip on a platform that already holds a 43 % share of the regulated U.S. sports-betting market. Analysts say the lower ongoing payments to Boyd will boost EBITDA and free cash flow, improving Flutter’s leverage profile after the debt-funded buyout.

Synergies Up, Boyd Debt Down

Flutter plans to integrate FanDuel’s remaining joint-venture functions by year-end, and will update investors on synergy targets at its Q3 results in November. Boyd Gaming, meanwhile, will deploy the $1.758 bn proceeds to reduce outstanding debt and fund core property upgrades.

Source: https://www.marketscreener.com/news/flutter-entertainment-plc-completed-the-acquisition-of-remaining-5-stake-in-fanduel-inc-from-boyd-ce7c5fdddf81ff20