Business is booming at gambling giant Flutter because of gains in online poker through PokerStars which employs more than 300 people in the island.

Group revenue jumped 10% in the period from the start of April to May 17 as it was boosted by a 92% surge in revenues from PokerStars’ operator the Stars Group.

Now Flutter Entertainment has said it plans to raise cash to accelerate its expansion plans and bolster its finances amid coronavirus uncertainty.

The group, which also owns Paddy Power and recently merged with The Stars Group, said it intends to secure funds through the placing of eight million new shares.

The details are contained in the first trading update published since Flutter Entertainment merged with The Stars Group last month.

The company said poker and gaming revenues grew as they ’benefited from strong customer engagement’ during the lockdown period.

Meanwhile, Paddy Power saw betting revenues dive 54% as it was hit by the mass cancellation of sporting fixtures and the closure of betting shops.

It said growth had started to ’moderate’ as lockdown restrictions have begun to loosen and it said it expects this trend to accelerate as more economies open up.