The world of regulated gaming is nothing if not complex. Every major gaming company is parent to a vast array of ownership claims to other casino and sports betting sites and operators both large and small. A recent example of this phenomenon is Flutter Entertainment’s purchase of Boyd Gaming’s five percent share of FanDuel.
While a five percent ownership stake in anything isn’t particularly valuable, FanDuel is a different animal entirely. That tiny sliver of FanDuel set Flutter Gaming back a whopping $1.76 billion dollars. It also gives Flutter 100 percent ownership of one of the biggest sports betting operations in the United States.
Flutter CEO Peter Jackson praised the deal in a recent statement saying, “I’m really pleased to drive future value for shareholders by increasing our ownership of FanDuel.”
“Our acquisition of FanDuel in 2018 is one of the most transformational events in our group’s history, with its natural competitive advantages combined with access to Flutter Edge capabilities driving impressive growth to become the well-established and clear leader in US online sports betting and iGaming,” he added.
It’s expected that the addition of this small chunk of FanDuel will add as much as $65 million annually to Flutter’s bottom line. So it’s not surprising that Jackson praised Boyd Gaming adding, “Boyd have been fantastic partners for FanDuel, and we are delighted to be extending our important strategic partnership through to 2038.”
Though the deal seems firm, it is still subject to approval by various gaming regulatory authorities.