Flutter Entertainment has seen its year-on-year revenue jump by 16% in the first quarter of the year, in what is expected to be the betting firm’s final financial announcement as a primary listed firm on the London Stock Exchange.

The Dublin-based betting and gambling firm, which owns subsidiaries including Paddy Power, Sportsbet and FanDuel, said that its shareholders have voted to move its primary listing to New York, which is set to become effective from 31 May.

In its Q1 results, Flutter announced that its revenue reached $3.4bn (£2.7bn), an increase of 16%.

However, this was lower than analysts’ expectations of $3.6bn (£2.8bn) for the quarter.

The group also saw its losses increase by 59% in the quarter to $177m (£141m).

For the US market, Flutter said that it produced “another excellent quarter”, with revenue increasing by 32%, despite "unfavourable sports results in the second half of March".

In its guidance for the rest of the financial year, it said that it "remains confident" in reaching its expectations, which include revenue increasing in the US and the UK and Ireland by 36.6% and 17.4%, respectively.

Chief executive officer at Flutter, Peter Jackson, said: "Outside of the US, our focus on delivering the best products for our players is driving good momentum in key markets such as the UK where the launch of Super Sub on Paddy Power has been our most successful product launch to date, and in Italy where we have been taking online sports betting and iGaming market share during Q1 and reached an all-time record in April.

"On 1 May, shareholders voted to move our primary listing to the US. We believe a US primary listing is the natural home for the group and we look forward to this becoming effective on 31 May. With a greater proportion of the group's future profits expected to be generated in the US, we have moved our operational headquarters to New York reflecting the importance of the US sports betting and iGaming market to our business."

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