Flutter Entertainment authorizes up to $5bn share repurchase program
The company will host an investor event to further explain the details.
Online sports betting and iGaming operator Flutter Entertainment will hold an investor event to share plans for its medium-term 2027 guidance, along with authorization details regarding its up to $5bn share repurchase program.
As part of the update, Flutter said the Board of Directors has given the green light for a share buyback program of up to $5bn.
The company expects the program to span the next three to four years and will kick off “following the third quarter earnings in November 2024.”
Flutter is the parent company of FanDuel Group, which has a significant presence throughout the US.
The Irish company said in a statement, “The timing and the actual number of shares repurchased will depend on a variety of factors, including legal requirements, price, and economic and market conditions.
“With access to a large and growing total addressable market (TAM), we believe we are very well positioned to deliver significant profitable growth and value creation for shareholders in the long-term.”
CEO Peter Jackson briefly discussed the company’s financial position and explained the potential benefits of this move.
He said in closing, “I am very excited about Flutter’s strong trajectory and how well positioned we are to capitalize 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.”
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