Flutter plans to buy Boyd Gaming Corporation's 5% stake in FanDuel for $1.755 billion, implying a $31 billion valuation. FanDuel maintains a 44% US market share, generating $6.96 billion in revenue in 2025.
Ownership and valuation details
Flutter plans to buy Boyd Gaming Corporation’s 5% stake in FanDuel Group for $1.755 billion. This buyout implies a $31 billion valuation for FanDuel. This transaction brings Flutter’s ownership of the US business to 100%. The agreement extends the strategic partnership between FanDuel and Boyd to 2038. Flutter expects revised commercial terms to provide $65 million in annual operating cost savings starting July 1, 2025. The deal includes the cessation of all FanDuel retail sportsbook operations in Boyd states during Q2 2026. This acquisition requires $1.55 billion for the stake and $205 million for the revision of existing commercial terms. To fund the deal, Flutter entered a $1.75 billion bridge credit agreement. Fox Corporation holds an option to acquire an 18.6% equity interest in FanDuel by December 3, 2030. This option uses a $20 billion valuation from December 2020 plus an annual escalator of 5%. The current exercise price for this option equals $4.5 billion.
Growth and market dominance
FanDuel holds a 44% market share in the United States. The company generated $6.96 billion in revenue in 2025. The revenue total for 2025 reached $6.96 billion, which marks a 20.2% increase over the $5.79 billion seen in 2024. Users wagered $53.8 billion on the platform in 2025. This total grew from $50.8 billion in 2024. The company reported 4.8 million active users in 2025, which added 300,000 users that year. In 2024, the platform saw 10.8 million downloads, while 2025 saw 9.5 million downloads. FanDuel leads several major markets. The company holds 48% market share in New York, 42% in New Jersey, 46% in Illinois, and 44% in Pennsylvania. It also holds 40% in Michigan and 45% in Arizona. DraftKings holds 34% market share and $6.3 billion in 2025 revenue. BetMGM holds 14% market share and $2.7 billion in 2025 revenue. In 2024, FanDuel sportsbook revenue reached $4.0 billion and iGaming reached $1.5 billion.
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue ($bn) | 4.84 | 5.79 | 6.96 |
| Wagers ($bn) | 40.3 | 50.8 | 53.8 |
| Users (mm) | 3.8 | 4.5 | 4.8 |
User engagement and operating results
Flutter moves users from sports betting to higher-margin products. The company spent $820 million on research and development in 2024. Flutter maintains its market leadership by investing $820 million into research and development to create proprietary pricing technology that allows 1,500 specialists to improve accuracy and boost customer hold rates. This investment helps FanDuel retain over 91% of its top 20% of customers. However, FanDuel’s average monthly players dropped 6% year-over-year in Q1 2026. This decline follows unusually favorable NFL outcomes in Q4 2025 that discouraged bettors.
You know the US market still has low penetration compared to mature European markets. Large states like California and Texas have not yet approved online sports betting. Flutter’s US revenue grew 6% year-over-year in Q1 2026. In that same quarter, iGaming revenue rose 19% year-over-year while the FanDuel sportsbook grew only 1%. Amy Howe left her role as FanDuel CEO, leaving Christian Genetski to lead the business. The company updated its full-year 2026 guidance to a midpoint revenue of $18.305 billion and an adjusted EBITDA of $2.865 billion. Will prediction markets eventually erode the high-margin parlay business?