US institutional investor Massachusetts Financial Services Company (MFS Investment Management) has increased its stake in Paddy Power Betfair to 9.02 per cent to from 8.47 per cent.

The Irish gambling giant published a formal notification of MFS’s move on Monday. The transaction took place on February 2nd.

MFS now holds 7.582 million shares in Paddy Power Betfair. The company’s share price was up 0.08 per cent at €99.28 in mid-morning trade.

2016 results

Paddy Power Betfair is due to report its 2016 results on March 7th.

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The figures will be the first full-year numbers that it will have published since it was formed from a merger of the Irish bookmaking group, Paddy Power, and British betting exchange Betfair in February last year.

The group has betting shop and online operations in Ireland, Britain, Europe, Australia and the United States.