Flutter Entertainment plc (FLUT) has seen its stock surge by as much as 8%, reaching an all-time high after the company revealed a $5 billion share repurchase initiative. This announcement comes alongside a newly updated projection that estimates the North American online gambling market could grow to a staggering $70 billion by 2030, a significant increase from previous forecasts.  

The firm, which operates FanDuel, indicated that approximately $63 billion of this market will stem from the United States. This revision marks an increase from the $40 billion figure Flutter had anticipated during its investor day in 2022. Flutter’s global market outlook is equally ambitious, with an estimated total addressable market of $368 billion worldwide by 2030.  

Flutter’s CEO, Peter Jackson, expressed confidence in the company’s position within the market, stating: “We are the No. 1 business here in America with FanDuel, No. 1 in sports, and No. 1 in iGaming, and it gives us a lot of confidence around projecting the size of the market.”  

Peter Jackson

In addition to the share buyback, Flutter forecasts a 14% annual revenue growth, projecting revenues to reach about $21 billion by 2027, nearly double the $11.79 billion recorded in 2023. Jackson highlighted the importance of Flutter’s global presence, noting that nearly 60% of revenue in the most recent quarter was generated from international markets.  

The company also made headlines with its recent $2.6 billion acquisition of Playtech Plc’s Italian gambling business, a strategic move aimed at solidifying its dominance in that market. “The Italian acquisition, that was a transaction that we did to make sure that we became the No. 1 player in Italy,” Jackson remarked, emphasizing the economic advantages of market leadership.  

In the United States, FanDuel operates across 26 states and is on track to achieve $2.4 billion in EBITDA by 2027, a marked improvement from the $65 million reported in 2023. Jackson noted the lucrative nature of existing markets, stating: “The existing states, the 50% of the Americans who live in places where they can bet on sports today, that’s a very valuable business.”  

Despite the potential for growth, major states like California and Texas have yet to legalize online mobile gambling. However, Jackson remains optimistic that these states will eventually embrace the market, providing Flutter with the opportunity to tap into approximately 80% of the total U.S. gambling market.