Flutter Entertainment, the parent company of DraftKings' primary competitor FanDuel, issued positive guidance for 2027, projecting revenue of approximately $21 billion. This outlook represents a compound annual growth rate, signaling robust long-term growth expectations for the online gambling market.
The company also announced a substantial $5 billion stock buyback program, which typically indicates strong financial health and a commitment to returning capital to shareholders. This move by a major industry player can instill confidence across the sector.
DraftKings' shares experienced a rise in sympathy with Flutter's positive news, as investors reacted to the overall optimistic market sentiment for the online sports betting and iGaming sector. This suggests that positive developments for one industry leader can have a ripple effect on others, even competitors.
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