Flutter stock soared as much as 8% to an all-time high as the company announced a $5 billion share repurchase program and projected the U.S. online gambling market will grow by nearly 60% more than it forecast two years ago.

The company, which owns online gaming giant FanDuel, projects gambling in North America will be a $70 billion total addressable market when it reaches its mature state around 2030, $63 billion of which will come from the US. This is a noted move up from the mature market reach of $40 billion Flutter projected for the US at its investor day in 2022. Globally, Flutter estimates the total addressable market will reach $368 billion by 2030.

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