Bookmaker William Hill said it had gained overwhelming backing for its £350 million cash call on shareholders.
The firm said 97.4 per cent of the new shares offered to investors had been snapped up under a fundraising move announced in February.
The bookie wants the cash as part of a wider plan to restructure its £1.45 billion of bank facilities, the majority of which comes up for renewal in March 2010.
William Hill, which operates dozens of betting shops in Birmingham, has also scrapped its 2008 dividend to conserve cash, although it hopes to resume payments this year.
Along with other bookmakers, Hills gained a Grand National boost after 100-1 shot Mon Mome romped home at the weekend.
But the firm has turned to its shareholders because it has found it impossible to refinance debts in full due to the tough conditions in credit markets.
Chief executive Ralph Topping said the group continued to perform well despite the continued deterioration in consumer confidence and hopes the extra cash will give the firm flexibility to pursue its growth strategy.
At annual results in February, it said net revenues in the first eight weeks of 2009 increased nine per cent and total gross win – the amount left by losing punters – rose by two per cent on the previous year.
Operating profits for 2008 were £278.6 million, down three per cent from 2007.
Earlier this week HSBC announced 96.6 per cent of the stock had been taken up in a £12.5 billion rights issue – the largest in UK history.