Owning it
Flutter buys out Boyd Gaming’s 5% stake in FanDuel
The $1.755bn deal comes with a renewed market access agreement.
In +More: Rank ahead of profit expectations for the financial year.
The challengers: talking to Dabble CEO Tom Rundle.
Adjancencies: Plus500 sees stabilisation in volumes amid strategic pivot.
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Taking control
I want it all: Flutter Entertainment has moved to gain 100% control of FanDuel via the purchase of market access partner Boyd Gaming’s 5% stake. The deal implies a value for the US online market leader of $31bn which represents a multiple of ~16x estimated 2026 EBITDA.
As part of the deal, the two companies have extended their strategic market access agreement at a "significantly lower cost.”
Flutter said this would see it gain annualized cost savings of ~$65m.
Friends with (less) benefits: The original agreement between the two dates back to August 2018, a matter of three months after the repeal of PASPA in May that year. It gave FanDuel access to 15 states nationwide in return for a then 4% plus optional 1% stake as well as an undisclosed revenue share.
As part of the new agreement, the original 15 state market access has now been whittled down to Indiana, Iowa, Kansas, Louisiana and Pennsylvania.
Abracadabara: Boyd said that under the terms of the deal, its online segment would generate ~$30m in operating income and adj. EBITDAR in 2026 vs. between $50m-$55m this year. CEO Keith Smith said it had been a “privilege” working on the “remarkable success” of FanDuel.
The deal unlocked “tremendous value” which puts the company in a “significantly stronger financial position,” he added.
Take it to the bridge: Flutter will pay for the stake using a new bridge credit loan of $1.75bn which will mature in 12 months time and comes with an interest rate of the term SOFR plus 1.25%. Citizens said this would be a “leverage-inducing” deal.
Line of sight: Citizens said the transaction was always a “matter of not if, but when.” But the team added that the timing, three years prior to the scheduled end of the agreement between the two companies, was ahead of their own expectations.
Truist said Flutter was “cleaning up shop” and looking to “reduce ambiguity and present a cleaner story to investors.”
Just a little complication: While Flutter has 100% control for now, a remaining overhang is Fox’s option to buy an 18.6% equity interest in the business on or before December 3, 2030. The value of that option, as set out by the terms of the arbitration tribunal ruling in December 2022, is currently $4.5bn.
Flutter reiterated yesterday that for Fox to take up the option, it would need to have full licensing across all states in which FanDuel operates.
Back in September, Fox CEO Lachlan Murdoch said the company was indeed in the process of obtaining the necessary gaming licenses for it to take up the option.
The tribunal decision was part of the fallout from the failure of the FoxBet venture between the two companies.
Puts+takes
Moneybags: For Boyd, the analysts suggested the net cash of ~$1.3bn after tax will reduce its net leverage to under 2x which Truist said would be perceived as being under-leveraged by investors for whom the focus will be on optionality around share buybacks, special dividends and/or M&A.
In the latter respect, attention now turns to a potential deal for Penn Entertainment where talks have previously been mooted.
However, Jefferies said that after speaking with management they sense “no changed inclination toward M&A in general or toward any specific opportunity post the announcement.”
Notably, the deal market access agreement between Boyd and Flutter also casts a shadow over the ~$50m in market access fees which Penn enjoys from various partners.
Timely: In resuming their coverage of Flutter, Jefferies this week argued that the market is underappreciating the betting and gaming giant’s potential to deliver structurally higher margins and long-term growth, especially in its key US segment led by FanDuel.
See Wednesday’s Puts+Take edition of Earnings Extra (PRO subscribers only)
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+More
Rank update
The gong show: The UK-focused casino gaming and bingo operator said in a brief update that like-for-like NGR for the financial year to June grew by 11% to ~£795m and it now expects to report full-year underlying LFL operating profit ahead of expectations at £63m.
John O’Reilly, CEO, said the strong earnings growth came despite “significant cost and regulatory headwinds” encountered from the start of Q4.
A further boost will come from the casino reforms which will now come into force on July 22 which will see Rank rollout more gaming machines across its casino estate.
Peel Hunt said Rank was “reaping the rewards of investment, including in helping to shepherd transformative regulatory change through Parliament.”
Allwyn has announced €2.15bn of new credit facilities including €1.3bn in loans, a €350m revolver and a €500m delayed drawdown term loan. All the facilities have a five-year maturity. The proceeds will go towards paying down the €1.2bn drawn against an existing €1.7bn credit facility.
EveryMatrix’s sportsbook platform OddsMatrix reported 34% growth in soccer wagers in the season just gone to 324 million bets. The company said there was a 72% increase in turnover on player prop bets fueled by shots on target and player bookings markets.
AGCO-OK: Mixi Australia received the greenlight for its proposed acquisition of PointsBet from the Alcohol and Gaming Commission of Ontario. Ontario was the last gaming regulatory approval needed for MIXI’s takeover of PBH, though it still needs approval from at least 50.1% of PointsBet shareholders.
Read across
California screaming: California’s influential Senate Governmental Organization Committee voted 15-0 to advance a bill outlawing sweepstakes casinos on Tuesday, indicating a clear desire to quickly end the sector’s presence in the Golden State.
+More careers
The big moves: FanDuel has appointed Shailagh Murray as Senior VP of public affairs and Jonathan Nabavi as VP of federal affairs. Murray previously worked as executive VP of public affairs at Columbia University while Nabavi most recently worked for the NFL where he managed the league’s public policy and legislative agenda.
Bragg Gaming has appointed Luka Pataky as Executive VP of AI and innovation. Pataky joins Bragg after spending over a decade in various roles at Sportradar. Better Collective’s North America CEO Marc Pedersen has announced he is stepping down from his position after nearly 18 years with the company. High Roller Technologies has appointed Sara Nunes as managing director and COO of its Finland operations.
Head of Operations, crypto casino & sportsbook – Europe/remote/UK
Chief Product Officer – Yerevan
Head of CRM – Limassol
Earnings Extra – Cirsa prospectus
I’m sticking with you: PE group Blackstone will remain as a majority shareholder in Cirsa for at least the next six months after the company successfully launched its IPO in Madrid, promising to use the €600m of cash raised from the sale of new shares to pay down part of its debt.
See this morning’s Earnings Extra edition (PRO subscribers only).
The challengers – Dabble
Survive and thrive: Dabble CEO Tom Rundle has led the Australian-based business with a philosophy that prizes sharp product focus, platform flexibility, and long-term thinking, while navigating a space largely dominated by major global firms.
“There are still disrupters in a mature market, but few penetrate deeply,” Rundle notes.
“The regulatory requirements, the tech stack complexity, and the minimum acceptable product standard all raise the bar.”
Something a bit different: Rather than chase product parity or attempt a bloated all-things-to-all-people platform, Dabble has staked its value on product differentiation, most notably its social and community features, which Rundle believes drive loyalty and retention while maintaining healthy margins.
“We’re narrowly focused – sportsbook on mobile only – with our own tech and very little legacy,” he says. “That makes us nimble.”
This focus allows Dabble to move fast on feature development and deploy globally with consistent tooling.
Rundle says that scale advantages are now emerging, meaning “the operational cost of entering new markets is much smaller than the last.”
Don’t worry about a thing: For Rundle, product quality is the top priority. “Churn is driven by poor experience, not necessarily by a product gap,” he said. This translates into user journeys that are smooth and intuitive: onboarding, bet placement, and withdrawals are areas Dabble obsesses over.
“We’ve learned not to worry too much about what competitors are doing,” says Rundle. “We make a decision, commit to it, and align everybody as to why.”
Despite the capital-heavy nature of launching a betting business, Rundle attributes Dabble’s survival partly to its discipline. “We had a good forecasting model from the start, tightly linked to cashflow,” he says.
Keeping TABs: The company secured a strategic investment from TAB just 18 months after launch, using it to expand tech and marketing capabilities. Eighteen months after that, Dabble was profitable and hasn’t raised again.
“There were a few shaky months, but we managed our cash well and the tech team helped us build a high-quality product quickly.”
Dabble has also benefited from investor alignment. Yolo Group, one of its earliest backers, gave strategic input but allowed Dabble space to innovate.
“That freedom to be different has been crucial,” he says. “If you listen too much to outside voices, you’ll just end up looking like everyone else.”
Sure shot: For new entrants, Rundle said the key paradox is to be both “patient and impatient.” “You’ve got to act quickly and take risks when no one knows your name – but also zoom out and plan across multi-year horizons. If you’re not ready to execute well, don’t waste your shot.”
Dabble’s story is still unfolding, but its methodical, product-first approach offers a compelling blueprint for the next generation of challenger brands.
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Connections
Bet365 has announced a new global online betting partnership with the WNBA’s Indiana Fever for the 2025 WNBA season. Caesars Entertainment has launched a universal digital wallet on its Caesars Sportsbook app in Nevada. BetMGM launched an online casino title The One With the Multi Drop, based on the TV show Friends. Sportingtech will continue to provide its sportsbook and casino products to 888Africa under a three-year contract renewal.
Booming Games’ slot games are now available on Ivy Casino’s platform in the UK. Incentive Games has received a provisional B2B supplier license from the Michigan Gaming Control Board. Games aggregator QTech will now carry online casino content from Kitsune Studios. Reevo will integrate MegaFair’s next gen of games onto its aggregation platform under a content partnership. Bragg Gaming has announced a strategic partnership with Betty Casino in Ontario.
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Adjacencies – retail financial trading
Head down: Plus500 issued a trading update this week highlighting signs of stabilisation in customer income and engagement, despite continued headwinds in new customer acquisition and lower market volatility.
The company reported H1 2025 revenue of $368m, down 16% YoY, and EBITDA of $168m, with an EBITDA margin of 46%.
Management cited a “resilient performance” in light of macroeconomic and geopolitical uncertainties and emphasised improving trends in customer income and trading volumes through Q2.
Futures thinking: Importantly, the update shows Plus500 continuing to pivot towards a more institutional-facing model, with “further traction” in its futures and options exchange, Plus500EX, and institutional trading platform, Plus500 Invest.
The company also flagged progress in its US expansion, where it holds 50-state money transmitter licences and NFA membership for futures brokerage.
These moves suggest a longer-term shift toward B2B and recurring-revenue streams..
Share buybacks remain a feature, with $102m returned to shareholders in H1 and a new $175m programme launched. The company continues to operate debt-free and with a robust cash balance of $920m.
Venture capital firm Yolo Investments manages in excess of €500m in capital across 100 exciting fintech, gaming and blockchain companies. The Yolo Investments' Gaming fund, regulated by the Guernsey Financial Services Commission, has taken positions in fast-growth suppliers and operators, including Dabble and Enteractive. Yolo Investments (yolo.io) wants to hear from readers of this newsletter. Get in touch with your pitch, or for a chat about innovative products which can plug into our investment ecosystem.
Upcoming earnings
Jul 17: Evolution
Jul 18: Betsson
Jul 23: Kambi, Las Vegas Sands, Churchill Downs
Jul 29: BetMGM, Red Rock Resorts, Caesars Entertainment
July 30: MGM Resorts, Robinhood
Jul 31: VICI Properties (call)
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