The buyback programme will run from today and continue for three months, subject to market conditions, the company said in a statement.
It is intended that ordinary shares may be repurchased on both the London Stock Exchange and the Irish Stock Exchange.
The purpose of the share buyback programme is to reduce the company’s share capital.
The announcement today does not come as a surprise given the group had announced this with its first quarter trading update. At the time, Paddy Power Betfair outlined that over the next 12-18 months it intended to return £500m cash to shareholders.
Goldman Sachs has been selected to repurchase the shares.
Earlier this month Paddy Power Betfair confirmed that it had entered an agreement to combine its US business “Betfair US” with FanDuel, a US daily fantasy sports operator.
The move comes in the immediate wake of a US Supreme Court ruling which earlier this month struck down a federal law that has severely restricting sports betting there since 1992.
FanDuel has over 40pc market share of the US daily fantasy sports market, with seven million registered customers across 40 states.
In 2017, it had revenue of $124m and 1.3 million active customers.
Headquartered in New York, daftar poker FanDuel has built-up a leading US sports brand with approximately $400m cumulative marketing spend to date supported by innovative proprietary technology.
Atlanta Federal Reserve President Raphael Bostic is due to give opening remarks at the “Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy” conference in Dallas, Texas, at 10:35 am ET.
At 1 pm ET, the Treasury Department is scheduled to announce the results of its auction of $30 billion worth of seven-year notes.
Philadelphia Fed President Patrick Harker is due to speak at the “Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy” conference in Dallas at 2 pm ET.
Stocks In Focus
Shares of L Brands LB are moving significantly lower in pre-market trading after the parent of Victoria’s Secret reported better than expected first quarter earnings but cut its full-year forecast.
Hybrid cloud data services provider NetApp NTAP may also see early weakness after reporting fiscal fourth quarter earnings that beat analyst estimates but providing disappointing guidance.
Shares of Hormel Foods HRL may also move to the downside after the food company reported fiscal second quarter results that came in slightly below expectations.
On the other hand, shares of Williams-Sonoma WSM are moving sharply higher in pre-market trading after the cookware and home furnishings reported better than expected first quarter results and raised its full-year guidance.
Medical device maker Medtronic MDT may also move to the upside after reporting fiscal fourth quarter results that exceeded analyst estimates on both the top and bottom lines.
Shares of Destination Maternity DEST could also see early strength after activist investors took control of the maternity and baby clothing retailer’s board.