Flutter shares continue sharp rise amid City speculation

Shares in the parent company of Paddy Power Betfair continued to rise on Thursday following a spike in the bookmaker's stock the previous day.

Flutter Entertainment's share price ended Wednesday up 704p at 6,838p – a rise of nearly 11.5 per cent – but had reached a high of 7,340p at one point. By close on Thursday Flutter shares were up 52p to 6,890p.

The price surge prompted speculation that Flutter was the subject of a takeover bid or an attempt to take the company private, although no potential suitors have been proposed.

When contacted a spokesman for the company said they did not know of any "material reason for the share price move".

Industry observers are expecting further consolidation to take place in the sector in the face of increased taxation and regulation.

Flutter is one of the giants of the betting industry and is a major player in Australia through the Sportsbet brand and has a strong foothold in the burgeoning US sports betting market through FanDuel.

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