(Reuters) -Flutter Entertainment will buy Boyd Gaming’s 5% stake in FanDuel for about $1.76 billion, giving it complete ownership of the online betting operator, the companies said on Thursday.
The deal gives FanDuel an implied valuation of about $31 billion, Flutter said in a statement.
FanDuel is the largest online sports betting platform in the U.S. with a 43% market share.
The companies also entered into new agreements, set to run through 2038, under which Boyd will get a fixed fee per state from FanDuel’s mobile sports-betting operations in Iowa, Indiana, Kansas, Louisiana and Pennsylvania.
The deal, expected to close in the third quarter of 2025, will be funded by additional debt financing, Flutter said.
Las Vegas-based Boyd has 28 gaming entertainment properties in 10 U.S. states, manages a tribal casino in northern California, and operates an online casino gaming business.
(Reporting by Utkarsh Shetti in Bengaluru; Editing by Shailesh Kuber)
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