Flutter Launches Strategic Share Buyback Initiative
Flutter Entertainment, the global sports betting and casino operator, has announced it has undertaken to buy back ordinary shares of the group as part of its ongoing share buyback program.
Flutter Entertainment announces share buyback scheme.
LISTEN TO THIS ARTICLE:Flutter, the parent of Betfair and FanDuel, says it intends to complete an overall buyback program that it states will total more than $5 billion in shares. The Group first announced this scheme in September 2024 as part of its multi-year plan.
This statement has indicated the group will purchase Ordinary Shares of up to $350 million in the period to March 31 of 2025. The statement outlined details of the share buyback and that it was conducted through the Goldman Sachs organization.
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Flutter Strategy to Solidify Market Position
Senior leadership at the group say the share buyback program from Flutter is part of a strategy that will lead to long term growth. Additionally Flutter has a dominant market position and think this move will help to maintain this position.
The statement outlines that Flutter has seen initial success from investors since its listing on the NYSE last year, and this should ensure further confidence from investors in the gambling stocks. Analysts in the stock market have broadly welcomed the share buyback scheme from Flutter and believe this should be reflected in the share price later this year.
The redemptions form part of Flutter's intention to buy back Ordinary Shares of up to $350 million in the period to March 31, 2025 […] and form part of Flutter's intention to buy back $5 billion of shares as announced on September 25, 2024.
At the end of last year, Flutter announced the appointment of a new CEO as the group restructures.
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