---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-159374"
form_type: "8-K"
ticker: "BYD"
cik: "0000906553"
company_name: "BOYD GAMING CORP"
filed_at: "2025-07-15T23:59:59+00:00"
generated_at: "2026-05-18T06:35:16.118199+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Boyd Gaming sells 5% FanDuel stake to Flutter for $1.755B cash; extends market-access deals through 2038

## Summary
- Cash consideration of $1.755 billion; net proceeds to be used to reduce debt.
- Transaction expected to close in Q3 2025, subject to regulatory approvals.
- New market-access agreements with FanDuel through 2038; fixed fees per state for mobile sports betting and online casino.
- FanDuel to continue operating Boyd's retail sportsbooks outside Nevada through mid-2026; Boyd assumes operations after.
- Online segment operating income expected $50-55M in 2025 and approximately $30M in 2026.

## SEC filing metadata
- accession: 0001193125-25-159374
- form_type: 8-K
- ticker: BYD
- cik: 0000906553
- company_name: BOYD GAMING CORP
- filed_at: 2025-07-15T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/906553/000119312525159374/0001193125-25-159374-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/906553/000119312525159374/d15462d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-159374
- JSON: https://secwatch.observer/filing/0001193125-25-159374.json
- Plain text: https://secwatch.observer/filing/0001193125-25-159374.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.