Flutter Entertainment
Flutter Entertainment Announces Completion of NSX Acquisition

Flutter Entertainment has announced that it has completed the acquisition of an initial 56% stake in NSX Group (NSX), a leading Brazilian operator of the Betnacional brand for cash consideration of approximately $350m.
The transaction aligns with Flutter’s strategy to invest in leadership positions in attractive international markets and is expected to create shareholder value through:
• Delivering an enhanced competitive position in the newly regulated and fast growing Brazilian market. The Brazilian online sports betting and iGaming market has highly attractive characteristics, including a population of over 200 million, with sports, and soccer in particular, being a key part of its culture.
• Enhancing the “local hero” brand portfolio through the addition of rapidly growing, local brands to the existing Betfair business, creating a podium position in Brazil. NSX entered the market in 2021, rapidly growing to be the number 4 operator by 2023.
• A compelling synergy opportunity through access to the Flutter Edge, and delivering meaningful value creation. Revenue synergies are expected to be achieved by providing NSX access to Flutter proprietary pricing and risk management capabilities to deliver a differentiated sportsbook product offering. This is in addition to the sharing of Flutter iGaming expertise and content to enhance the iGaming experience.
Peter Jackson, CEO, said: “I am delighted to welcome NSX – the operator of leading Brazilian sports betting and iGaming brand, Betnacional – to the Flutter portfolio. The transaction demonstrates Flutter’s powerful optionality as an ‘and’ business and aligns perfectly with our strategy for value creating M&A. The combination of NSX’s extensive local expertise, alongside our existing Brazilian business and the advantages of the Flutter Edge, creates a compelling opportunity to capitalize on the exciting runway of future growth in Brazil.”
Under the transaction agreement, on completion, Flutter has (i) paid cash consideration of approximately $350m and (ii) contributed its existing Betfair Brazil business, in return for a 56% stake in the newly combined Flutter Brazil business. In addition, a mechanism has been put in place to enable Flutter to increase its shareholding through reciprocal put/call arrangements in year five and year ten following completion.
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Boyd Gaming
BOYD GAMING TO SELL FANDUEL INTEREST FOR $1.755 BILLION

All-Cash Transaction Unlocks Significant, Unrealized Value for Boyd Shareholders
Boyd, FanDuel Extend Market-Access Agreements through 2038
Boyd Gaming Corporation announced it has entered into a definitive agreement to sell the Company’s 5% equity interest in FanDuel Group to Flutter Entertainment plc for cash consideration of $1.755 billion.
The transaction is expected to close in the third quarter of 2025, subject to regulatory approvals. The Company intends to use net proceeds to reduce debt.
Keith Smith, President and Chief Executive Officer of Boyd, said: “This transaction unlocks the tremendous unrealized value that our investment in FanDuel has created for our Company. As a result, we are in a significantly stronger financial position to continue executing our strategy of investing in our properties, pursuing growth opportunities, returning capital to our shareholders, and maintaining a strong balance sheet.”
In addition to purchasing Boyd’s equity interest in FanDuel, Boyd and FanDuel will terminate certain existing market-access agreements between the parties and enter into new agreements to provide, among other things, for an extended term through 2038. The agreements will also provide Boyd with a fixed fee per state from FanDuel’s mobile sports-betting operations in Iowa, Indiana, Kansas, Louisiana and Pennsylvania, as well as FanDuel’s online casino operations in Pennsylvania, upon the close of this transaction. FanDuel will also continue to operate Boyd’s retail sportsbooks outside of Nevada through mid-2026, after which time Boyd will assume responsibility for these operations.
Under terms of the revised market-access agreements with FanDuel, the Company now expects its Online segment will generate $50 million to $55 million in operating income and Adjusted EBITDAR for the full year 2025, and approximately $30 million in 2026.
Smith added: “The partnership between Boyd and FanDuel has been a remarkable success for both companies. FanDuel has emerged as the nation’s clear leader in online sports-betting, while Boyd has been able to leverage this partnership to profitably participate in the rapid growth of sports betting across the country. It has been a privilege to work with the Flutter and FanDuel teams, and we look forward to supporting FanDuel’s continued growth and success through our market-access agreements across the country.”
Moelis & Company LLC served as exclusive financial advisor to Boyd Gaming on the transaction. Morrison & Foerster LLP served as legal advisor to Boyd Gaming on the transaction, with Brownstein Hyatt Farber Schreck, LLP advising on the commercial agreements.
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betting transaction fee
Flutter Response to Illinois Transaction Fee

Flutter Entertainment notes the recent decision by the Illinois State legislature to introduce a betting transaction fee for licensed operators on all sports wagers placed within the state from July 1, 2025 (Illinois Transaction Fee).
In response, from September 1, 2025, FanDuel, Flutter’s US market-leading brand, announces that it will introduce a new $0.50 transaction fee on each bet placed on its platform in Illinois. This decision reflects the significant increase in the cost of operating in Illinois driven by the new Illinois Transaction Fee. The introduction of this fee by the state follows a substantial increase in the betting tax rate in Illinois in 2024. Following the 2024 increase, extensive efforts were made by FanDuel to absorb the cost fully without impacting customers.
Should the state reverse its decision at any point in the future, FanDuel will immediately remove the $0.50 transaction fee.
Peter Jackson, Flutter CEO, commented: “It is important to recognize that there is an optimal level for gaming tax rates that enables operators to provide the best experience for customers, maximize market growth and maximize revenue for states over time. We are disappointed that the Illinois Transaction Fee will disproportionately impact lower wagering recreational customers while also punishing those operators who have invested the most to grow the online regulated market in the state. We also believe the introduction of the Illinois Transaction Fee will likely motivate some Illinois-based customers to bet with unregulated operators. These operators do not contribute tax revenue to the state, will not collect the newly announced transaction fee and do not offer the same levels of customer protection that regulated operators provide.”
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Amy Howe
FanDuel and Flutter Donate $250,000 to Organizations Supporting Wildfire Relief Efforts in Los Angeles

FanDuel, its parent company Flutter Entertainment and fellow subsidiary Flutter International announced it is donating $250,000 to Americares and the Los Angeles Fire Department Foundation, in support of wildfire relief efforts throughout impacted communities in the greater Los Angeles area. Flutter and FanDuel have been proud members of the Los Angeles business community for nearly 25 years. Flutter’s previously branded TVG platform, now FanDuel TV, the industry’s leading horse racing wagering and television network, is based in Culver City, and FanDuel’s history in the city dates back to 2014 with key corporate, commercial, and product functions supporting its daily fantasy sports, online sportsbook, and iGaming platforms residing in the city as well. The company employs nearly 400 colleagues in Los Angeles, several who have been impacted by the fires.
“FanDuel and Flutter have been proud members of the Los Angeles business community for over two decades. We are heartbroken by the devastating loss these wildfires have created in a community we call home. We are committed to ensuring our employees are safe and making sure the community has the resources it needs to support the heroic efforts of our first responders,” said Amy Howe, CEO of FanDuel.
The donation to Americares will help the health-focused relief organization address urgent health needs in affected communities. The funding for the Los Angeles Fire Department Foundation will support vital equipment and programs that help save lives and protect communities.
The post FanDuel and Flutter Donate $250,000 to Organizations Supporting Wildfire Relief Efforts in Los Angeles appeared first on Gaming and Gambling Industry in the Americas.
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