Flutter Entertainment will buy Boyd Gaming's 5% stake in FanDuel in a deal worth about $1.76 billion, giving it complete ownership of the online betting operator, the companies said on Thursday. The deal gives FanDuel an implied valuation of about $31 billion,

Flutter Entertainment is buying the remaining stake in FanDuel to take full ownership of the sports-betting platform, which is now valued at $31 billion.

Flutter Entertainment announced it will pay $1.755 billion to Boyd Gaming for sole ownership of FanDuel. Here's what that means.