Paddy Power owner bets on growth as US and world betting markets expand
Paddy Power owner Flutter Entertainment plans to return about €4.5 billion to shareholders over the next three to four years as it targets close to €20 billion in revenues.
Share buy-backs are a way of returning cash to investors. Flutter expects to launch the scheme after it announces financial results for the third quarter in November, it said in a statement. Flutter hopes group revenues will reach $21 billion in 2027 while the business could generate more than $5 billion in cash.
Along with Paddy Power, Flutter owns Betfair and Sky Bet, which operate in Ireland and Britain, as well as Sportsbet in Australia. It owns FanDuel in the US, which holds leading market positions in states that have legalised sports betting following a federal supreme court ruling in 2018. It also owns more than 1,600 betting shops in Italy, and two racetracks, including San Siro in Milan, as well as a horse racing broadcasting business, Epiqa, and Happybet, which has outlets in Austria and Germany.
Flutter noted on Wednesday that both deals are subject to approval by competition regulators, a process it predicted should be completed during the second quarter of next year. Projections given to shareholders at an investors’ day on Wednesday included the likely benefit of both transactions.
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