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Flutter Entertainment, a leading iGaming and sports betting operator, has just announced the buyout of Boyd Gaming for its FanDuel stake, leading to full ownership of the FanDuel brand. Flutter will still partner with Boyd Gaming Corporation but will pay more than $1.7 billion to acquire FanDuel from Boyd Gaming. Flutter Entertainment, the world's leading online sports betting and iGaming operator, has announced a major milestone: full ownership of FanDuel Group. Through a new strategic agreement with Boyd Gaming Corporation, Flutter will acquire Boyd's remaining 5% stake in FanDuel for over $1.755 billion, cementing its position as the sole owner of the US market-leading sports betting and iGaming platform. Deal expands strategic partnership and secures market leadership The landmark transaction also extends Flutter’s partnership with Boyd Gaming through 2038. FanDuel, which currently holds an industry-leading 43% share in US online sports betting and 27% in iGaming, will benefit from streamlined operations and reduced market access costs in five key states where Boyd provides entry: Iowa, Indiana, Kansas, Pennsylvania, and Louisiana. The deal includes $1.55 billion attributed to the equity acquisition and $205 million tied to the revision of commercial terms, including the cease of FanDuel's retail sportsbook operations in Boyd properties by the second quarter of 2026. These changes are expected to generate annual cost savings of approximately $65 million for Flutter beginning July 1, 2025. This transaction secures 100% ownership of the premier asset in the US market, said Flutter CEO Peter Jackson. FanDuel's scale and market dominance - driven by the 'Flutter Edge' - puts us in a strong position for sustained growth. Boyd has been a valued partner, and we're pleased to extend our strategic collaboration well into the future, he added. Improved financial efficiency and EBITDA margins The revised commercial terms are set to improve long-term adjusted EBITDA margins by lowering ongoing market access costs. This is particularly important as the sports betting industry faces growing pressure from state-level tax increases. The updated agreement allows Flutter to operate more efficiently, strengthening the profitability of its US operations. Additionally, the buyout places FanDuel at an implied valuation of approximately $31 billion, demonstrating its critical value to Flutter's North American strategy. While the deal will temporarily raise Flutter's leverage ratio, the company remains committed to maintaining a medium-term leverage target. Despite Flutter's acquisition of full ownership, Fox Corporation retains an option to acquire an 18.6% equity stake in FanDuel. The option, valid until December 3, 2030, is priced based on a $20 billion valuation from 2020, adjusted annually by 5%, making the current exercise price approximately $4.5 billion. However, the option can only be executed in full and requires Fox to secure appropriate licensing. Bridge credit agreement secures funding To finance the acquisition, Flutter has entered into a $1.75 billion Bridge Credit Agreement with a consortium of banks. The senior secured first lien term loan will mature 12 months after its first use, with two six-month extension options. The funds will be used to pay the acquisition costs, associated fees, and other general corporate purposes. The loan terms mirror those of Flutter's existing credit agreements established with J.P. Morgan SE and others in November 2023. A transformative deal in Flutter's history Flutter's initial acquisition of FanDuel in 2018 was seen as a bold move, and today's deal confirms its long-term vision. This is one of the most transformational events in our Group's history, said Jackson. "FanDuel's growth and leadership position have exceeded expectations, and full ownership unlocks even more potential for the future." With completion expected in Q3 2025 pending regulatory approvals, the agreement marks a pivotal point in Flutter's US expansion and its ambition to dominate the sports betting and iGaming space.

With all the big signings that the Oklahoma City Thunder have made this offseason, it does seem that the team is eagerly on the prowl to make a chase for the league championship in the coming season as well. But is the Branden Carlson signing the best move they’ve managed to pull off so far? In case you didn’t notice, Shai Gilgeous-Alexander, Jalen Williams, and Chet Holmgren have all been signed to major extension deals. There are also minor deals to the likes of Jaylin Williams and Ajay Mitchell. While the rest of the squad are still under contract and will be in the roster for the next two or three years, it does seem that two-way deals matter in this team as well. Interestingly, rookie Brooks Barnhizer has already taken one of the three two-way spots for the Thunder. Carlson, who played last season for the Thunder’s majestic campaign, also headlines the next two-way deal that the Thunder can field for the upcoming 2025-26 season. While this is not a big move, this stands as the best signing that the Thunder has made this offseason. Carlson is a High-Potential Player Two-way players are given a chance to play a set number of games in a regular season and are ineligible for postseason action. Usually, these slots are given to players who are somewhat deserving of a deal but can only show up in limited games. This is still a better proposition than a 10-day contract or a five-game show contract.  So in Carlson’s case, it puts OKC in a cost-efficient situation with the way he has played. In the previous season, Carlson was a great performer in 32 games for the Thunder in his rookie run, and had it not been for the structure of the team’s roster, the big man would have probably made it to the rotation for the team’s playoff campaign as well. Whenever he plays double-digit minutes, Carlson averages 10.2 points, 4.4 rebounds, and 1.9 blocks per game. If you are not impressed, the big man put up 26 points, 10 rebounds, three blocks, and two assists in 38 minutes when he played against the New Orleans Pelicans in the season finale. Carlson is also one of the modern-day bigs of the NBA – who can play as a rim protector and create spacing opportunities on the floor with his stretch offense and the ability to hit the three. These attributes were well on display on the court as he proved to be one of the reliable performers that the Thunder can rely on. A Potential Permanent Big Man Carlson’s presence on the court is invaluable; he has proven to be a capable big man in his own right, even registering a +9.4 net rating in his debut campaign as well. However, what makes him a great signing for the team is that he can also deliver impressive performances, potentially securing a permanent spot in the team in the long run. That being said, incoming rookie Thomas Sorber is an impressive selection for OKC, but then the Thunder could well use Carlson more should the rookie center find it hard to adjust in the NBA and spend more time in getting acclimated with the pros. Securing Carlson in a two-way deal that doesn’t require much of the Thunder’s payroll says a lot about the bright move that they just made even in the two-way slots. It is another proof of how the Thunder’s future remains so bright at this point in time.