Flutter, the world’s largest online betting company, said on Wednesday it expects to more than double its core profit by 2027 and that it had authorised a share buyback of up to $5 billion to be deployed over that period.

Flutter, which has forecast full-year profit of $2.5 billion this year, said that should reach over $5 billion by 2027, with almost half coming from the booming U.S. market that it now sees growing at a faster than expected pace by 2030.

“Flutter holds unparalleled leadership positions in the US and Rest of World through a diversified portfolio of market-leading brands. These brands enjoy local scale positions and the unique advantages of the Flutter Edge. This key differentiator enables our brands to benefit from, and contribute to, leading global capabilities including product and technology as well as the benefits of our vast expertise and our global scale.

This empowers our local brands with the benefits of a global leader, while still retaining their local focus and challenger mindset. With access to a large and growing total addressable market, we believe we are very well positioned to deliver significant profitable growth and value creation for shareholders in the long-term,” the company stated. For the Group, the company guides to a “significant 2030 regulated TAM of $368bn, global gross gaming revenue with forecast compound annual growth, or ‘CAGR,’ of 8%.

At the midpoint of “US and ROW 2027 guidance expected to deliver Flutter Group revenue of approximately $21bn, representing three-year CAGR of 14%4,5 and creating path to Flutter Adjusted EBITDA6 in 2027 of over $5bn; Adjusted EBITDA margin expansion of 700 basis points by 2027 to approximately 25%; Free cash flow generation of approximately $2.5bn in 2027, a forecast 36% CAGR,” the company stated.