Flutter Entertainment Plc has issued a new tranche of senior secured bonds totaling $1.75 billion to accelerate its acquisition of full control over its U.S. subsidiary FanDuel.
The bonds are listed on The International Stock Exchange (TISE) and are being offered in U.S. dollars, euros, and British pounds, with a maturity date in 2031. This issuance is an add-on to Flutter’s existing debt instruments, initially placed on June 4, 2025.
The bonds carry fixed interest rates:
- 5.875% for U.S. dollars
- 4.000% for euros
- 6.125% for British pounds
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 the retail sportsbooks currently operated in partnership 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 the financial update to report on FanDuel’s earnings performance against record comparables, Flutter’s performance in Brazil’s newly regulated Bets Market, and the multi-billion-dollar expansion of its International Unit in Italy.
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