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Flutter Entertainment jumps after unveiling $5bn share buyback

Published 25/09/2024, 14:22
© Reuters.  Flutter Entertainment jumps after unveiling $5bn share buyback
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Proactive Investors - Flutter Entertainment PLC (LON:FLTRF) gained over 9% on Wednesday after unveiling plans at its investor day to buy back US$5 billion (£3.7 billion) worth of shares.

This came as the Betfair owner said its total addressable US market was set to grow to US$63 billion by 2030, one and a half times larger than initially forecast.

Flutter had moved its primary stock market listing from London to New York earlier this year, with the North American market including Canada set to grow to US$70 billion.

Chief executive Peter Jackson commented in a statement: “I am very excited about Flutter's strong trajectory and how well positioned we are to capitalise.”

He noted Flutter’s global addressable market was set to near US$370 billion by 2030.

“With our unmatched scale, diversification, and our global differentiator, The Flutter Edge, we have clear sustainable global advantages.

“Our intention to deliver up to US$5 billion of share repurchases over the next three to four years reflects our confidence in Flutter's future.”

London-listed shares climbed 9.5% to 18,720p on the news.

Read more on Proactive Investors UK

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