FILE – The FanDuel-branded sportsbook at the Fremont Hotel in downtown Las Vegas is pictured. (Photo: Boyd Gaming)
LAS VEGAS (KSNV) — Boyd Gaming is selling its 5% stake in the online sports betting platform FanDuel for more than $1.75 billion in cash, the company announced Thursday.
Flutter Entertainment, FanDuel’s parent company, is buying back the equity interest, giving it 100% ownership of the platform.
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“This transaction unlocks the tremendous unrealized value that our investment in FanDuel has created for our Company,” Boyd President and CEO Keith Smith said in a news release.
As part of the sale, Boyd and FanDuel agreed to a new market-access deal that runs through 2038. This will allow Boyd to earn a fixed fee per state from mobile sports betting in four states.
FanDuel will also operate Boyd’s retail sportsbooks outside Nevada through mid-2026, at which point Boyd will take over operations.
Boyd says it expects the equity sale to close later this year. It plans to use the cash to pay down some of its debt.
While Boyd has a FanDuel-branded sportsbook at Fremont Hotel & Casino in Las Vegas, FanDuel as a platform has no physical locations in Nevada or a license to operate in the state.
