Flutter's stock (NYSE: FLUT) has moved up 0.33% in early trading today, as the company released a buyback update. The company, a leading name in the world of online sports betting and iGaming, has unveiled a significant share buyback program set to begin on April 1, 2025. The program targets a maximum expenditure of $300 million and forms part of a larger multi-year initiative to return approximately $1 billion to shareholders during 2025.
The buyback process will be executed on the New York Stock Exchange, scheduled to conclude by June 30, 2025. As part of this strategic move, Goldman Sachs & Co. LLC has been appointed to oversee the buyback operations, ensuring compliance with both U.S. Securities Exchange Act regulations and EU Market Abuse regulations.
This repurchase plan represents the second segment of Flutter's aspiration to buy back up to $5 billion worth of shares. Notably, the number of shares earmarked for repurchase in this tranche is capped at 17,739,905 shares.
Flutter Entertainment initially announced its repurchase program on September 25, 2024. This financial maneuver is supported by the company's strong fiscal performance, reporting global revenues of $14,048 million for fiscal year 2024, marking a 19% year-over-year growth.
The strategy underscores Flutter Entertainment's commitment to delivering value to its shareholders, further solidifying its position in the competitive landscape of online gambling and betting.
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