Can a FanDuel IPO still happen in 2026 now that Flutter owns 100%?

Flutter Entertainment plc (LSE: FLTR, NYSE: FLUT) now owns 100% of FanDuel Group after completing a $1.76 billion buyout of Boyd Gaming Corporation’s 5% stake. The deal, announced on July 11, 2025, not only gives Flutter full strategic and financial control of its U.S. flagship but also revives discussions around a potential FanDuel initial public offering (IPO) in the coming year. With the ownership structure simplified and $65 million in annual market access cost savings baked in, the path to a U.S. public listing is now far less complicated.

FanDuel has long been considered the crown jewel of Flutter’s portfolio, dominating the U.S. online sports betting space with a 43% market share and leading in iGaming with 27%. But until now, Boyd’s minority holding and legacy state-level agreements made any listing structurally challenging. Analysts had previously pointed to these complications as reasons Flutter held off on spinning off or partially listing the U.S. unit, even after gaining a secondary listing on the NYSE in early 2024.

How does Flutter’s 100% FanDuel ownership change the calculus for a potential U.S. public listing in 2026?

With Boyd Gaming now fully cashed out and the commercial relationship between the two revised through 2038, Flutter can operate FanDuel with unencumbered decision-making authority. That opens the door for a cleaner financial and governance structure, which is often a prerequisite for U.S. institutional investors eyeing IPOs. Any eventual listing—partial or full—would now be under Flutter’s sole discretion and could be timed for maximum market receptiveness.

The strategic logic is straightforward: Flutter could unlock capital while retaining majority control. FanDuel, now valued at approximately $31 billion based on the transaction terms, is arguably the most mature digital betting brand in the U.S. market. A potential IPO would give public investors exposure to U.S.-regulated gaming without the broader international footprint that comes with Flutter’s group operations in the UK, Australia, and Europe. For Flutter, it would offer financial flexibility post-bridge loan while highlighting the full standalone value of its U.S. unit.

That said, timing remains a key variable. Flutter’s near-term priority is likely debt management, as the Boyd transaction was financed via a $1.75 billion bridge credit facility. Executives have reaffirmed their medium-term leverage target of 2.0–2.5x, which implies any FanDuel listing would follow a period of balance sheet stabilization. Regulatory filings across multiple U.S. jurisdictions would also need to be updated to reflect FanDuel’s new structure, requiring time and legal coordination.

Still, with the U.S. market maturing, DraftKings trading at robust forward multiples, and investor appetite for digital-native platforms recovering, 2026 could offer a favorable IPO window. Analysts see parallels with other tech-enabled carve-outs, particularly where parent firms wanted to highlight breakout assets under a focused ticker. If Flutter pursues this route, FanDuel would almost certainly rank among the top five most anticipated IPOs in the consumer tech and gaming sector next year.

For now, Flutter’s full control of FanDuel is already delivering financial and strategic benefits, notably in reduced cost structure and operational alignment. But the possibility of a FanDuel IPO in 2026 is no longer speculative—it’s structurally possible. Whether it materializes may depend less on appetite and more on timing.