Boyd Gaming Corp. announced that it is “unloading its stake” in FanDuel Group to the latter’s parent company, Flutter Entertainment plc, for $1.755B in cash consideration. Boyd “intends to pay down debt with proceeds from the sale.” The deal is “expected to close in the third quarter of this year.” FanDuel will “continue to operate Boyd’s retail sportsbooks outside Nevada through mid-2026,” after which Body will “take over those operations.” The two sides will “terminate certain existing market-access agreements and enter into new agreements that will extend terms through 2038,” with the new agreements providing Boyd with a “fixed fee per state from FanDuel’s mobile sports betting operations in Iowa, Indiana, Kansas, Louisiana and Pennsylvania, as well as online casino operations in the Keystone State. Once the deal closes, Flutter will own 100% of FanDuel Group (LAS VEGAS REVIEW-JOURNAL, 7/10).
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