Paddy Power Betfair Wants Name Change To “Flutter Entertainment”

Paddy Power Betfair has said that it wants to change its group name to “Flutter Entertainment” to represent its increasing diversity in the gaming business. The proposition will be put to shareholders at the Annual General Meeting (AGM) in May this year.

However the betting giant did point out that it will only be changing its corporate name from Paddy Power Betfair and not its customer facing brands.

Observers recognised the stress the company made on that position as many within the industry still remember the disaster that took place following Party Gaming and the Bwin merger that saw two giants of the online gaming sector lose its identity to its customers.

The announcement on the name change came as the firm announced an annual fall of 11% in profits, the company posted pre-tax profits of £219 million for 2018 compared to £247 million the year previously.

However revenues rose during 2018 by 7.3% to £1.87 billion, much of the lower profits said the betting company was from its investment in the US market costing £24 million.

Paddy Power Betfair chief executive Peter Jackson said on the name change, “With a growing portfolio of brands, we plan to rename the group as Flutter Entertainment plc.

“There are no plans to use this historical name for consumers, and we will seek shareholders’ permission for the change at our forthcoming AGM.”