FanDuel buyout: Flutter takes full control of Scottish-founded sports betting giant FanDuel in £1.3bn deal

The agreement sees Flutter buy Boyd Gaming’s remaining 5 per cent stake in US-based FanDuel, which was founded in Edinburgh in 2009, and grew to become a “unicorn” - a privately-owned start-up tech company with a valuation in excess of $1bn. The buyout agreement values FanDuel at some $31bn.

The deal comes as Flutter looks to bolster its standing in the fast-growing US online gambling market. It also provides for the extension of the strategic partnership between FanDuel and Boyd at “significantly reduced market access costs” in the states, where FanDuel’s market access is provided by Boyd.

Flutter is behind a portfolio of global brands including Paddy Power, Betfair and Sky Betting & Gaming.

Chief executive Peter Jackson 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,” he added. “Boyd have been fantastic partners for FanDuel, and we are delighted to be extending our important strategic partnership through to 2038.”

Flutter said the transaction was subject to customary closing conditions, including the receipt of certain regulatory approvals, and is expected to complete during the third quarter of 2025. It will be funded by additional debt financing.

The group added: “This transaction secures 100 per cent ownership of FanDuel, the premier asset in the US sports betting and iGaming market. FanDuel is the clear number one in the market with a 43 per cent market share in sports betting and 27 per cent in iGaming, driven by key sustainable competitive advantages, including access to the ‘Flutter Edge’.

“This transaction delivers more attractive market access terms in states where FanDuel’s market access is provided by Boyd and is expected to contribute annual operating cost savings of approximately $65 million.”