The move will mark a rare raising of equity in the London stock market since Russia’s invasion of Ukraine. Sky News said that 888 would announce its plans on Thursday.

The equity-raise is understood to aimed at raising funds quicker than conventionally.

888’s shares have fallen sharply since the £2.2bn proposed takeover of William Hill International – which includes its UK high street betting shops – was announced last year.

At Wednesday’s closing share price, 888 had a market capitalisation of £777million.

The company had previously indicated it would raise around £500million through issuing new shares.

888 has promoted the deal to investors by suggesting that it believes the William Hill outlets it will be taking over will give the company a more diversified portfolio.

This is said to give it a revenue base across different countries, and allows it further reach into the UK, Italian and Spanish markets.

William Hill has associated itself typically with sports betting, and boasts 1,408 bricks-and-mortar betting shops across the country.

Meanwhile, 888 is more of an online venture, and has a presence in poker.

US investment banks JP Morgan and Morgan Stanley are reportedly working on the cash call on behalf of 888.

888 declined to comment when contacted by Sky.

In 2020, William Hill had an operating income of just over £57million, company figures show.

888 last year had an operating profit of $87million (£66.6million).

William Hill had previously been a public company on the London Stock Exchange since 2002.

In 2020, William Hill was taken over by Nevada-based Caesars Entertainment in a £2.9billion deal.

The following November, Caesars agreed to a takeover of the European business by 888 Holdings.