Paddy Power Betfair parent Flutter Entertainment says it intends to raise fresh equity through the placing of eight million shares as it looks to go on a deal spree and finance cost savings.

In a statement the company said the placing would be available to new and existing eligible institutional investors.

"The Group believes that the current operating environment is likely to result in longer-term changes to the sector landscape which will lead to further opportunities," it said.

"The Placing will better position the Group to move quickly to capitalise on such opportunities should they arise, accelerating its four-pillar strategy and consolidating its market leadership positions."

The firm is not guiding on how much it intends to raise through the exercise, which is being managed by Davy and Goldman Sachs, but it is expected it could generate up to €900m.

The company said it believes that one possible consequence of the Covid pandemic is that the pace of regulation in the US could accelerate as a growing number of states look to new ways to raise additional sources of tax income.

The group says it will therefore look to invest to secure additional market access deals in individual US states.

It also plans to increase investment to improve its competitive position in the online landscape as more customers move to bet online.

Flutter also says it will use the placing to facilitate a faster de-leveraging of the group's balance sheet, with a resulting saving on interest costs.

The company also intends to use the proceeds to bolster the group in a more uncertain environment.

The Irish betting group also said in a separate statement that revenue in the second quarter so far has increased by 10%, despite widespread ongoing disruption to global sports.

Just weeks ago Flutter completed its merger with Canadian based Stars Group.