Flutter Plans $5 Billion Buyback, Boosts US Outlook (Correct)

Flutter Entertainment Plc, parent of the FanDuel gambling company, announced plans to repurchase as much as $5 billion of its shares over the next few years as the US sports betting market surges.

The board authorized the program, which is expected to kick off after the company announces its financial results in November and continue for three-to-four years, Dublin-based Flutter said in a statement ahead of its investor day on Wednesday.

Flutter, which owns FanDuel, the Irish company’s US brand that lets gamblers place bet on college and professional sports, has benefitted from a surge in new customers. The ...