FanDuel’s Flutter Issues 2027 Forecast, Boosts US Market Outlook
(Bloomberg) -- Flutter Entertainment Plc, parent of the FanDuel gambling company, predicted the US sports and online casino market will reach $63 billion by 2030, up more than 50% from its prior forecast.
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Revenue at FanDuel itself is projected to increase 14% annually, reaching about $21 billion in 2027, executives said ahead of a presentation to investors on Wednesday. That’s above analysts’ estimates.
“I’ve never been more excited about our business and the opportunity that we see in front of us,” Chief Executive Officer Peter Jackson said in an interview. “We’re seeing excellent momentum across all of our markets and we are growing faster than the market.”
Flutter has been growing through internal expansion and acquisitions, which Jackson expects to continue. In the past month, Flutter has announced deals to buy Playtech Plc’s Italian gaming business for $2.6 billion and invest about $350 million in Brazil’s NSX Group in a bet on that still nascent market.
“We like to do lots of things at once,” Jackson said. “All the different components of our business together make us stronger.”
As part of its forecast, Flutter projected 2027 earnings of over $5 billion before interest, taxes and depreciation. Analysts were predicting $4.61 billion, the average of nine estimates.
In the US, Flutter sees about $9.7 billion in revenue in 2027 and adjusted earnings of $2.4 billion, according to the company’s forecasts.
Flutter also authorized a $5 billion stock repurchase program.
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