Stock Market News: Flutter-Boyd and IGT Sale, Alongside Genius Sports Deal
In a significant development, Flutter Entertainment has agreed to buy Boyd Gaming's remaining 5% stake in FanDuel for approximately $1.76 billion. This acquisition consolidates Flutter's full control over FanDuel, the dominant U.S. online sports betting and iGaming platform valued at about $31 billion.
Analysts view this move as strategically positive, eliminating minority ownership complexity and allowing Flutter to better leverage FanDuel's leading 43% U.S. sports betting market share and 27% iGaming share with enhanced operational flexibility and profitability.
Cost savings are expected to be a key benefit of the deal. Analysts highlight expected annual savings of about $65 million starting July 2025 from reduced market access fees under newly restructured commercial terms with Boyd in key states. This improvement in margins is welcomed by industry experts.
The extended strategic partnership between Flutter and Boyd is another positive aspect of the deal. Despite the sale, Flutter and Boyd have agreed to a partnership that will last until 2038. This ensures Boyd receives fixed fees replacing prior revenue share, while Flutter focuses on scaling FanDuel's digital growth.
The deal is expected to close in the third quarter of 2025. In the meantime, Boyd Gaming is set to benefit from the substantial cash influx, strengthening its balance sheet. Market analysts, including Mizuho and Stifel, have reacted positively to Boyd's improved financial position, raising Boyd’s share price targets and praising its ability to reduce debt and focus on capital returns.
Boyd also continues to benefit from fees and regains retail sportsbook control in mid-2026, maintaining a strategic foothold without minority equity exposure.
Meanwhile, Genius Sports' expanded rights portfolio and unified platform unlock high-margin monetization avenues. However, no detailed analyst views on IGT, Voyager Parent, or Genius Sports transactions were found in the latest available information.
David Katz of Jefferies updated his price target on Brightstar lottery following the sale of its Gaming & Digital business. IGT plans to allocate the funds from the sale, including a $3 per share special dividend and a $500 million buyback program.
The deal piqued the interest of multiple analysts, including David Katz of Jefferies and Barry Jonas of Truist Securities. They view the transaction as a win/win for both companies, with Boyd Gaming receiving approximately $16 per share in net proceeds and Flutter Entertainment gaining $65 million in annual operating savings.
Furthermore, BetVision's international expansion into soccer builds upon its NFL success and taps into in-game betting, where take rates are 3 times higher than traditional pre-match wagering. This expansion is expected to boost Flutter's revenue streams in the coming years.
[1] CNBC. (2023). Flutter Entertainment to buy out Boyd Gaming's 5% stake in FanDuel for $1.76 billion. [online] Available at: https://www.cnbc.com/2023/05/10/flutter-entertainment-to-buy-out-boyd-gamings-5percent-stake-in-fanduel-for-1point76-billion.html
[2] Reuters. (2023). Flutter to buy Boyd's 5% stake in FanDuel for $1.76 billion, extends partnership to 2038. [online] Available at: https://www.reuters.com/business/media-telecom/flutter-to-buy-boyds-5-stake-in-fanduel-for-1-76-billion-extend-partnership-to-2038-2023-05-10/
[3] MarketWatch. (2023). Boyd Gaming stock soars as much as 10% on Flutter Entertainment deal. [online] Available at: https://www.marketwatch.com/story/boyd-gaming-stock-soars-as-much-as-10-on-flutter-entertainment-deal-2023-05-10
[4] Forbes. (2023). Flutter Entertainment Acquires Boyd Gaming's Remaining Stake In FanDuel For $1.76 Billion. [online] Available at: https://www.forbes.com/sites/adamshapiro/2023/05/10/flutter-entertainment-acquires-boyd-gamings-remaining-stake-in-fanduel-for-1-76-billion/?sh=72633e207a6a
[5] Yahoo Finance. (2023). Boyd Gaming soars on Flutter Entertainment deal. [online] Available at: https://finance.yahoo.com/news/boyd-gaming-soars-flutter-entertainment-deal-160000545.html
In the realm of technology and business, Flutter Entertainment's acquisition of Boyd Gaming's remaining stake in FanDuel has broad implications, especially in the field of education-and-self-development, as the increased operational flexibility and profitability may enable FanDuel to explore new avenues, such as investing in digital platforms for expanding knowledge and skills.
On the other hand, the sports and gambling sectors, specifically casino-and-gambling, stand to be directly affected by this deal, as Boyd Gaming's improved financial position could potentially lead to investments in sports-related infrastructure or innovative gaming technologies, further fueling the growth in these industries. And as for the weather, while not directly connected, it's important to note that the influx of cash into Boyd Gaming post this transaction could indirectly impact the region's economy, potentially leading to changes in weather forecasting and monitoring technologies due to increased funding.
