Flutter Entertainment Plc’s stock jumped 8% in premarket trades on Wednesday after the parent of sports betting platform FanDuel said it expects revenue growth of about 14% a year over the next three years and boosted its outlook for its total addressable market.

Leading sports betting operator projects North American sector’s total addressable market will reach $70 billion in 2027.

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.

It would be easy to think that the sputtering economy right now, along with soaring inflation rates on everything from gas to groceries, would