Flutter Raises $1 Billion of Capital as Fox Boosts Investment
- Sky Bet owner sees quicker legalization of U.S. betting
- Placing of shares will also help group pay down debt
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Flutter Entertainment Plc, the world’s biggest online gambling company, has raised money through an investment from Fox Corp. to take advantage of opportunities presented by the pandemic.
Flutter, which owns the Paddy Power, Poker Stars and Sky Bet brands, said in a statement Friday it placed 8.05 million new shares at a 4.7% discount to Thursday’s closing price, raising 812 million pounds ($1 billion). Flutter shares fell 2.9% at 8:04 a.m. in London.