Paddy Power owner Flutter pays €1.5bn to complete ownership deal for FanDuel 

Gambling giant purchased remaining 5% of FanDuel and deal values FanDuel at €26bn

Peter Jackson, chief executive of Flutter which has taken complete ownership of US betting and gaming business FanDuel. Mr Jackson said buying FanDuel was 'transformational' for Flutter.

Paddy Power owner Flutter has taken complete ownership of US betting and gaming business FanDuel.

The gambling giant said it has purchased the remaining 5% of FanDuel it did not own from Boyd for $1.76bn (€1.5bn).

It now has 100% ownership of the business, which has rapidly grown in recent years on the back of easing sports betting rules in US states, after first investing in the firm in 2018.

The move values FanDuel at around $31bn (€26bn).

Flutter said the agreement will see FanDuel extend a strategic partnership with Nevada-based Boyd Gaming. The deal is subject to "customary closing conditions", such as regulatory, and is expected to close this quarter.

The firms said the deal will result in annual savings worth around $65m (€55m) for the year from July 1.

"Our acquisition of FanDuel in 2018 is one of the most transformational events in our group's history, with its natural competitive advantages combined with access to Flutter Edge capabilities driving impressive growth to become the well-established and clear leader in US online sports betting and iGaming," said Flutter chief executive Peter Jackson.

Shares in Flutter were 0.5% higher on Friday morning.