Paddy Power-owner Flutter shares surge by €2.5bn as investors bet on US success

Shares in Flutter - the owner of Paddy Power, SkyBet, and Betfair in Ireland and Britain - surged by almost 10% as it hailed the success of its US operations as more American states prepare to legislate and open up for online gambling.

Its FanDuel company in the US, which is soaking up a huge amount of investment in technology as part of Flutter's expansion drive, will turn a profit as early as 2023, Flutter chief executive Peter Jackson said, as it aims to establish a commanding lead there over rivals.