Overview

• Flutter will purchase Boyd Gaming’s remaining 5% stake in FanDuel for $1.76 billion, subject to regulatory approvals expected by the end of Q3.
• The transaction sets FanDuel’s valuation at about $31 billion, reflecting its rise since Flutter’s initial 2018 investment.
• Under the agreement, Boyd Gaming and Flutter will maintain a market-access partnership through 2038 covering both mobile betting and retail sportsbook operations.
• Following the announcement, Flutter’s New York–listed shares climbed roughly 1.15% while Boyd Gaming’s stock rose about 1.5%.
• Fox Corporation retains a below-market option to acquire an 18.6% stake in FanDuel, which CEO Lachlan Murdoch has indicated he may exercise.