Flutter prices new bonds for $1.75bn to take full control of FanDuel
Flutter Entertainment Plc has launched a fresh issue of senior secured bond notes to raise $1.75bn, as the FTSE-listed betting giant accelerates its push for full control of its US sports betting unit, FanDuel.
Listed on The International Stock Exchange (TISE), the bonds are being offered in three tranches of US dollars, euros and British pounds, each maturing in 2031. This new offering represents an add-on issuance to Flutter’s existing debt instruments first issued on 4 June 2025.
The debt raise is structured with fixed interest rates: 5.875% for USD, 4.000% for EUR, and 6.125% for GBP tranches. The notes are senior secured, ranking ahead of unsecured liabilities in the capital structure.
Alongside the bond placement, Flutter has also launched a Fourth Incremental Term Loan B Facility, tapping further liquidity under its existing US dollar loan framework.
Proceeds from the combined facilities will finance the $1.7bn acquisition of Boyd Gaming’s 5% minority stake in FanDuel, granting Flutter 100% ownership of its fast growth US subsidiary. Roughly $1.5bn is allocated to the equity purchase, with a further $205m to extend commercial agreements with Boyd through 2038.
The updated partnership covers Indiana, Iowa, Kansas, Louisiana, and Pennsylvania, where Boyd provides crucial market access for FanDuel. Notably, the revised terms shift from revenue-share to fixed-fee arrangements, which Flutter estimates will yield $65m in annual cost savings beginning 1 July 2025.
Boyd Gaming, for its part, confirmed that proceeds from the stake sale will be used to reduce its debt load, which stood at $3.5bn as of Q1 2025. The U.S. casino operator expects the revised agreement to lift online earnings by $50m–$55m in FY25.
As Flutter consolidates FanDuel and leans into a mobile-first strategy, the group also plans to hand back control of retail sportsbooks currently operated with Boyd by Q2 2026, further streamlining US operations.
Closing H1, Flutter will publish its 2025 Interim results on Thursday 7 August. Analysts eagerly await for the financial update to report on FanDuel’s earnings performance against record comparatives, Flutter’s performance in Brazil newly regulated Bets Market and the multi-billion enlargement of its International Unit in Italy.
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