The B^0_s -> K^+K^- decay is the U-spin partner of B^0_d -> pi^+\pi^- and allows a determination of the angle gamma of the unitarity triangle of the Cabibbo-Kobayashi-Maskawa matrix. Using updated information on the branching ratio and the relevant hadronic form factors, we discuss the picture that emerges for gamma from the currently available data, which is in good agreement with the fits of the unitarity triangle. We point out that the B^0_s -> K^+K^- decay also offers interesting probes to

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... earch for new physics in B^0_s-\bar B^0_s mixing, thereby complementing the well-known B^0_s -> J/psi phi analyses. The relevant observables are the effective lifetime of this channel and its mixing-induced CP asymmetry. We calculate correlations between these quantities and the CP-violating B^0_s-\bar B^0_s mixing phase, which serve as target regions for improved measurements at the Tevatron and the early data taking at the LHCb experiment. Finally, we discuss the expected situation for the optimal determination of gamma at LHCb, exploiting precise measurements of the CP violation in B^0_s -> K^+K^-.