LONDON (ShareCast) - (Sharecast News) - Flutter Entertainment surged on Wednesday as it announced a $5bn share buyback and said profits were expected to more than double by 2027.
The owner of Betfair and FanDuel said adjusted earnings before interest, tax, depreciation and amortisation were set to grow to over $5bn in 2027.

The company also said at its investor day that North American mature total addressable market was now expected to be about $70bn, of which the US is forecast to be approximately $63bn. This is 1.5 times its previous US market estimate, while Canada is estimated to be $7bn.

The $5bn buyback has been authorised by the board and is expected to be deployed over the next three to four years. It is due to launch after the group's third-quarter earnings in November 2024.

Chief executive Peter Jackson said: "I am very excited about Flutter's strong trajectory and how well positioned we are to capitalise on a global regulated addressable market of nearly $370bn. With our unmatched scale, diversification, and our global differentiator, The Flutter Edge, we have clear sustainable global advantages that will continue to drive sustainable growth and power our financial model with operating leverage building over time.

"This will provide us with significant optionality for capital allocation, allowing us to be an 'And' business with the capacity to invest for organic growth, and engage in value creative M&A, and also return a significant amount of capital to shareholders. Our intention to deliver up to $5bn of share repurchases over the next three to four years reflects our confidence in Flutter's future."

At 1500 BST, the shares were up 7.9% at 18,445p.

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