Flutter secures 100% ownership of FanDuel in deal worth £1.3bn
Takeover
Flutter takes full control of FanDuel in £1.3bn deal, strengthening its US market position.
THE owner of Paddy Power, Flutter Entertainment, has taken full ownership of US betting and gaming giant FanDuel, in a deal worth £1.3billion.
The London-listed firm said it acquired the remaining 5% stake in FanDuel from US casino operator Boyd Gaming, giving it 100% control of the business.
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Flutter first invested in FanDuel in 2018, as US states began to relax restrictions on sports betting.
Since then, FanDuel has grown to become one of the dominant players in the American betting market.
The transaction values FanDuel at approximately £22.9bn.
Flutter also confirmed that the agreement includes an extension of FanDuel's strategic partnership with Las Vegas-based Boyd Gaming.
Peter Jackson, chief executive of Flutter, said: '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.
'I am really pleased to drive future value for our shareholders by increasing our ownership of FanDuel to 100%.
'Boyd have been fantastic partners for FanDuel, and we are delighted to be extending our important strategic partnership through to 2038.'
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