Names like FanDuel, Flutter Entertainment, and Boyd Gaming are well-known among gambling enthusiasts, and for good reason. FanDuel has established itself as one of the top iGaming platforms in the U.S., offering everything from daily fantasy sports and horse racing to sportsbooks and online casinos.
With over 17 million active users, FanDuel has become a major player in the space, thanks to its innovative approach and aggressive expansion strategy. A glance at the reviews over on Casino.org makes it clear how well a FanDuel casino bonus code resonates with users.
In a significant recent development, Boyd Gaming announced the sale of its 5% stake in FanDuel to Flutter Entertainment for $1.76 billion. The move not only reshapes FanDuel’s ownership structure but also positions both companies for further growth in a highly competitive market.
Inside the Deal
On July 31, 2025, Boyd Gaming Corporation officially completed the sale of its 5% ownership in FanDuel to Flutter Entertainment. Prior to this, Flutter already held a 95% stake, having built up its position over the years, starting with its initial investment in 2018, followed by further acquisitions in 2021 from Fastball Holdings.
This latest transaction gives Flutter full ownership of FanDuel, a move that CEO Peter Jackson described as one of the most transformative in the company’s history. He expressed confidence that full control would help Flutter unlock even more value from the FanDuel brand and accelerate its growth in the U.S. market.
What It Means for Flutter
Alongside the purchase, Flutter and Boyd extended their strategic partnership through 2038, which is expected to save Flutter around $65 million annually. The agreement allows for continued collaboration while reducing market access costs in key regions like Pennsylvania, Iowa, Kansas, and Indiana, where Boyd has operational reach.
Under the terms, FanDuel will relinquish control of Boyd’s retail sportsbook operations outside of Nevada, with Flutter managing those properties until mid-2026. After that, Boyd will resume full operational control.
Despite selling its stake, Boyd Gaming remains optimistic about the outcome. CEO Keith Smith highlighted the strong return on their investment and emphasized that the deal has positioned Boyd to pursue new growth opportunities and deliver value to shareholders. He also credited the partnership with FanDuel for elevating Boyd’s presence in the online sports betting space while maintaining profitability.
How FanDuel Has Grown Through Strategic Partnerships
FanDuel was once primarily known for daily fantasy sports, but the platform has evolved dramatically since Flutter acquired a controlling stake. Today, it stands as a powerhouse in U.S. iGaming and sports betting.
This evolution has contributed to the rapid expansion of the American betting industry. The U.S. market is currently valued at $17.94 billion, with projections estimating it could reach $33.2 billion by the end of the decade, reflecting a 10.9% compound annual growth rate (CAGR).
FanDuel now accounts for 43% of the U.S. sports betting market and 27% of the iGaming sector, reinforcing its status as a market leader. The platform’s seamless mobile experience and well-designed promotions have helped it stand out in an increasingly crowded field.
The Legal Landscape Helped Pave the Way
The growth of FanDuel and other platforms was largely made possible by a pivotal legal change. In 2018, the U.S. Supreme Court struck down the Professional and Amateur Sports Protection Act of 1992 (PASPA), opening the door for individual states to legalize sports betting.
Today, 38 states have legalized sports wagering, and 32 allow online betting. Flutter’s early move to acquire FanDuel shortly after the PASPA repeal proved to be excellent timing, allowing it to capitalize on this regulatory shift.
FanDuel’s growth has also contributed to Flutter’s rising profile on Wall Street. In January 2024, Flutter began trading on the New York Stock Exchange, with shares closing above $289 in July. Its U.S. operations, led by FanDuel, have posted an 18% annual revenue increase, a testament to the strength of the brand and its strategy.
Final Thoughts
FanDuel’s dominance in the U.S. gambling market is no accident. It’s the result of smart partnerships, well-timed investments, and a deep understanding of what players want. With the full backing of Flutter Entertainment and continued strategic alignment with Boyd Gaming, FanDuel is well-positioned to continue its momentum.
The recent stake acquisition reflects more than just a financial transaction, it’s a strategic consolidation that strengthens FanDuel’s leadership in the industry while allowing both Flutter and Boyd to play to their strengths. For players, shareholders, and industry observers, this move signals even more growth on the horizon.