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Big winner: Flutter, which owns US brand Fanduel, has enjoyed huge success in the US as rules around sports betting are relaxed.
Paddy Power owner Flutter has announced a nearly £4bn share buyback as it takes advantage of spectacular US growth.
The board has approved a major share buyback, which is expected to begin after it announces its financial results in November. The £3.75bn buyback will take three to four years.
Flutter, which owns US brand Fanduel, has enjoyed huge success in the US as rules around sports betting are relaxed there.
It has also been on a buying spree, acquiring Italian gambling firm Snaitech for £1.94bn, as well as a majority stake in NSX Group, Brazil’s fourth-largest online gaming operator.
The group hopes to double its profits over the next three years. It is expected to make profits of £1.9 billion this year and could reach £3.8 billion by 2027.
Revenue is projected to rise 14 per cent annually, reaching around £16bn in 2027. The update sent shares up 6.1 per cent on Wall Street.
Flutter moved its primary listing on the London Stock Exchange to New York in May, saying the United States was its “natural home.”
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