July 10, 2025 – 2:43 pm
Boyd Gaming Corp. is unloading its stake in the country’s highest-grossing online gaming platform and cashing in its chips for more than $1.7 billion, the company announced Thursday.
Las Vegas-based Boyd is selling its 5 percent equity interest in FanDuel Group to the latter’s parent company, Flutter Entertainment plc, for $1.755 billion in cash consideration, according to a news release. Boyd intends to pay down debt with proceeds from the sale.
The deal is expected to close in the third quarter of this year.
Keith Smith, president and chief executive officer of Boyd, said the sale “unlocks the tremendous unrealized value that our investment in FanDuel has created for our company.”
Online gaming and sports betting generated $606.2 million in revenue for Boyd in 2024. The company reported annual revenue of $3.9 billion last year.
“As a result (of the FanDuel deal), we are in a significantly stronger financial position to continue executing our strategy of investing in our properties, pursuing growth opportunities, returning capital to our shareholders and maintaining a strong balance sheet,” said Smith.
The two sides will terminate certain existing market-access agreements and enter into new agreements that will extend terms through 2038. The new agreements will provide 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.
FanDuel will continue to operate Boyd’s retail sportsbooks outside Nevada through mid-2026, after which Boyd will take over those operations, according to the news release.
“The partnership between Boyd and FanDuel has been a remarkable success for both companies,” said Smith. “FanDuel has emerged as the nation’s clear leader in online sports betting, while Boyd has been able to leverage this partnership to profitably participate in the rapid growth of sports betting across the country.”
Once the deal closes, Dublin-based Flutter will own 100 percent of FanDuel Group. FanDuel’s online sportsbook and online casino applications generated $5.79 billion of net revenue in 2024, the highest-grossing digital platform in the United States.
“Boyd have been fantastic partners for FanDuel, and we are delighted to be extending our important strategic partnership through to 2038,” said Flutter CEO Peter Jackson.
Contact David Danzis at ddanzis@reviewjournal.com or 702-383-0378. Follow @AC2Vegas_Danzis on X.
