You’re probably holding your phone right now, staring at a parlay that's one leg away from hitting, wondering how a company like FanDuel became such a titan. It feels like they’re everywhere. From the TV commercials during every single NFL timeout to the "brought to you by" segments on your favorite podcast, the brand is inescapable. But here is the thing: if you think FanDuel is some independent startup still run by guys in a New York loft, you’re about a decade behind the curve.
Honestly, the answer to who owns FanDuel is a bit of a corporate Russian nesting doll. As of early 2026, the company is 100% owned by a global gambling giant called Flutter Entertainment.
But wait. It’s not just a simple "A owns B" situation. There’s a messy history involving an almost-merger with DraftKings, a massive buyout that just finalized last year, and a media mogul (Fox Corp) lurking in the background with a legal "golden ticket" to buy a huge chunk of the company whenever they feel like it.
The Big Boss: Flutter Entertainment
Basically, FanDuel is the crown jewel of Flutter Entertainment. If you haven’t heard of Flutter, don't sweat it. Most Americans haven't. They’re a Dublin-based conglomerate that trades on both the New York Stock Exchange (ticker: FLUT) and the London Stock Exchange (FLTR).
They are massive. Like, "world's largest online betting company" massive.
For a long time, Flutter didn't own the whole thing. They had a massive majority stake, but there were some leftovers. That changed in July 2025. In a move that signaled they were all-in on the U.S. market, Flutter paid roughly $1.755 billion to buy out the remaining 5% stake held by Boyd Gaming.
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That transaction was a huge deal. It valued the entire FanDuel business at around $31 billion. Think about that for a second. A company that started as a daily fantasy sports (DFS) site is now worth more than many legendary airlines or car manufacturers.
By cleaning up that last 5%, Flutter basically told the world: "This is our house now."
The "Fox" in the Henhouse
Now, here is where it gets kinda juicy. Even though Flutter owns 100% right now, Fox Corporation (the Murdoch family's empire) has this legal right called a "call option."
Back when Flutter was swallowing up other companies like The Stars Group, they had to make a deal with Fox. That deal gave Fox the right to buy an 18.6% stake in FanDuel.
The price? It’s locked in at a 2020 valuation of $20 billion, plus a 5% annual "escalator" fee. As we sit here in 2026, Fox CEO Lachlan Murdoch has been very vocal about wanting to pull that trigger. If Fox exercises that option—which they have until 2030 to do—Flutter’s 100% ownership will drop, and FanDuel will essentially have a second, very powerful media parent.
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How did we get here? (The 2018 Pivot)
You can't talk about who owns FanDuel without looking at the 2018 Supreme Court ruling. Before that, sports betting was mostly illegal outside of Nevada. When the feds cleared the way, FanDuel was struggling. They had just survived a grueling legal battle over whether daily fantasy was "gambling," and they almost merged with their arch-rival, DraftKings.
The FTC actually blocked that merger in 2017. They said a FanDuel-DraftKings combo would be a monopoly.
Talk about a blessing in disguise.
Instead of merging with their rival, FanDuel merged with the U.S. operations of Paddy Power Betfair (which later renamed itself Flutter). It was a masterstroke. FanDuel brought the brand and the tech; Flutter brought the "bookmaking" expertise—basically the math and the money needed to run a real sportsbook without going broke.
The Leadership Team
While Flutter calls the shots from Dublin, the boots on the ground in New York are led by Amy Howe. She’s the CEO and has been since 2021.
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Howe didn't come from the gambling world; she was a big-time executive at Ticketmaster and McKinsey. Under her watch, FanDuel has stayed ahead of DraftKings in the "market share" wars, currently holding about 43% of the U.S. online sports betting market.
Why Ownership Matters to You
You might think, "Why do I care about some Irish company owning my betting app?"
Fair point. But ownership dictates everything you see on the screen. Because Flutter is a global powerhouse, FanDuel has access to what they call the "Flutter Edge." This is a fancy way of saying they share technology and pricing data across all their brands globally (like Paddy Power in Ireland or Sportsbet in Australia).
- Better Odds: Because they have so much data, they can often offer slightly better lines on obscure sports.
- Product Innovation: Ever notice how FanDuel’s "Same Game Parlay" feels smoother than the others? That’s the result of billions of dollars in R&D from a parent company that has been doing this for decades.
- Safety: Since they are owned by a massive, publicly traded entity, your money isn't just sitting in some guy’s offshore account. It’s heavily regulated and backed by a balance sheet that makes $1.7 billion deals for 5% stakes on a random Tuesday.
What's Next for the Ownership?
The next big thing to watch is whether Flutter decides to spin FanDuel off. There has been talk for years about making FanDuel its own publicly traded company on the NYSE.
For now, they seem happy keeping it under the Flutter umbrella. It’s too profitable to let go. In 2024 alone, FanDuel generated nearly $5.8 billion in revenue. They are officially the "money maker" for the entire global group.
If you’re looking to invest, you can’t buy "FanDuel stock." You have to buy Flutter Entertainment (FLUT). Just remember that when you buy a share of Flutter, you're also buying a piece of a dozen other gambling sites around the world.
Your Actionable Checklist:
- Check the Parent Company: If you’re an investor, look at Flutter’s quarterly earnings, not just FanDuel headlines. The U.S. market is huge, but Flutter’s UK and Irish operations still impact the stock price.
- Watch Fox Corp: Keep an eye on Fox’s moves. If they exercise their 18.6% option, expect to see even more FanDuel integration on Fox Sports broadcasts.
- Diversify Your Apps: Even though FanDuel is the "king" under Flutter, it’s always smart to have a second app (like DraftKings or BetMGM) to compare prices. Ownership doesn't always mean the best deal for the bettor.
- Stay Updated on Regulation: Ownership can change if states change their tax laws. If a state like New York or Illinois hikes taxes too high (which they've been doing), companies like Flutter might reconsider how much they invest in those specific regions.
FanDuel isn't the scrappy underdog anymore. It's a massive, multi-billion dollar subsidiary of a global empire. It's the "house," and as they say, the house usually wins.