The transaction, announced Thursday, values FanDuel at approximately $31 billion and includes revisions to existing market-access agreements between Flutter and Boyd Gaming. Based on consensus estimates, Citi calculates the deal values FanDuel at approximately 17.4x 2026 EV-EBITDA (enterprise value to earnings before interest, taxes, depreciation, and amortization). Citi notes that DraftKings' current enterprise value multiple is trading at approximately a 7% discount to the implied FanDuel valuation based on Thursday's closing price. The research firm points out that the FanDuel transaction is not an arm's length deal given the existing strategic partnership between Flutter and Boyd Gaming, suggesting FanDuel might command a higher valuation in a fully independent transaction.