Flutter to Purchase 5% FanDuel Stake Back From Boyd Gaming
Flutter Entertainment PLC is buying back the last 5% of FanDuel it doesn't presently own from the holder of that sliver, brick-and-mortar gambling establishment operator Boyd Gaming Corp.
- Flutter Entertainment is buying the remaining 5% of FanDuel from Boyd Gaming for around $2 billion, aiming for complete ownership of the leading U.S. online sportsbook.
- The deal indicates a $35 billion assessment for FanDuel, highlighting its market dominance over competitors like DraftKings and highlighting Flutter's tactical focus on U.S. operations.
The news was first reported on X by Mark Kleinman, company editor at Sky News.
Las Vegas-based Boyd and Flutter then announced the news formally, with Boyd saying it got in into a "definitive agreement" to offer its 5% stake in FanDuel to Flutter for $1.755 billion in money.
The deal would provide Flutter complete ownership of FanDuel, a minimum of for the time being (more on that listed below).
Boyd added that the offer is expected to close in the 3rd quarter of 2025, pending regulatory approvals. The casino operator stated it plans to use the net earnings of the transaction to minimize its debt.
"This deal unlocks the remarkable unrealized worth that our investment in FanDuel has produced for our Company," said Keith Smith, president and president of Boyd, in a press release. "As a result, we are in a significantly more powerful financial position to continue performing our technique of purchasing our residential or commercial properties, pursuing growth chances, returning capital to our investors, and keeping a strong balance sheet."
Exclusive: Flutter Entertainment, the group behind Paddy Power and Betfair, remains in innovative speak to purchase an additional 5pc stake in FanDuel, the US-based sports betting company, from Boyd Gaming in an offer anticipated to be worth near $2bn.
Flutter Entertainment PLC is buying back the last 5% of FanDuel it doesn't presently own from the holder of that sliver, brick-and-mortar gambling establishment operator Boyd Gaming Corp.
- Flutter Entertainment is buying the remaining 5% of FanDuel from Boyd Gaming for around $2 billion, aiming for complete ownership of the leading U.S. online sportsbook.
- The deal indicates a $35 billion assessment for FanDuel, highlighting its market dominance over competitors like DraftKings and highlighting Flutter's tactical focus on U.S. operations.
The news was first reported on X by Mark Kleinman, company editor at Sky News.
Las Vegas-based Boyd and Flutter then announced the news formally, with Boyd saying it got in into a "definitive agreement" to offer its 5% stake in FanDuel to Flutter for $1.755 billion in money.
The deal would provide Flutter complete ownership of FanDuel, a minimum of for the time being (more on that listed below).
Boyd added that the offer is expected to close in the 3rd quarter of 2025, pending regulatory approvals. The casino operator stated it plans to use the net earnings of the transaction to minimize its debt.
"This deal unlocks the remarkable unrealized worth that our investment in FanDuel has produced for our Company," said Keith Smith, president and president of Boyd, in a press release. "As a result, we are in a significantly more powerful financial position to continue performing our technique of purchasing our residential or commercial properties, pursuing growth chances, returning capital to our investors, and keeping a strong balance sheet."
Exclusive: Flutter Entertainment, the group behind Paddy Power and Betfair, remains in innovative speak to purchase an additional 5pc stake in FanDuel, the US-based sports betting company, from Boyd Gaming in an offer anticipated to be worth near $2bn.