Flutter raising the stakes

Irish betting group Flutter, of which Paddy Power Betfair is part, has gone to its shareholders to fund its expansion plans.

The group, now owner of The Stars Group and Poker Stars, is placing eight million-plus shares worth €0.09 each to raise equity.

At the same time, Flutter announced a 10 per cent increase in group revenues for the second quarter, compared with a year ago, despite the pandemic. This is because it offset losses from sports betting by making the most of the continuation of horse racing in Australia, where its subsidiary showed sales increasing by 56 per cent. The group’s poker and gaming revenues also grew during the lockdown.