addy Power Betfair is changing its name to Flutter Entertainment from Tuesday. The company said this follows shareholder outright approval (99%) for the change at its annual general meeting earlier this month.
The governance of FTSE100 gambling group Paddy Power Betfair Plc has confirmed that it has officially sanctioned the firm’s corporate rebrand to ‘Flutter Entertainment plc’. Effective May 28, the company's shares trade under the new name, and the ticker symbol has changed to FLTR on both Euronext Dublin and the London Stock Exchange.
Paddy Power Betfair first announced that it was changing its name in March. It said the change reflected the increased diversity of its brands and operations within a changing global gambling sector, which now include six consumer-facing brands: Paddy Power, Betfair, Sportsbet, FanDuel, TVG and Adjarabet.
Undertaking significant M&A investments, with the aim to boost the betting group’s global profile, during the past year Paddy Power Betfair has added US DFS operator FanDuel and Georgian operator Adjarabet to its portfolio of assets. The company’s executive team has supported the rebrand, stating that Flutter Entertainment will accommodate the firm’s flagship brands Paddy Power and Betfair with its new market assets of FanDuel and Adjarabet, marking a new era for the UK betting group.
Together, the six brands provide over six million customers with a market-leading range of betting products across online and retail channels, with proprietary technology supporting sportsbooks, exchange, gaming, daily fantasy sports and advanced-deposit-wagering services, and the TVG television network in the US.
Flutter is a name from the Group’s archives, being a rival Exchange acquired by Betfair back in January 2002, although it won’t be revived as a consumer brand. Three of the original Flutter employees remain part of the business today and were present at the Markets Open ceremony.
At its most recent Q1 2019 results in May, the Group announced revenues up 17% to £478m with standout performances from the new FanDuel sports betting operations in New Jersey and the Sportsbet business in Australia.
Peter Jackson, CEO Flutter Entertainment plc, commented: “Flutter is a key participant in the global sports betting and gaming market, with a strong product and brand portfolio and over six million active customers. We think our new name better reflects the diversity of the group and supports our future growth strategy. We’d like to thank our shareholders for approving the change of name.”