- Legal States
Mike Johnson May 28, 2019 3 min read
Paddy Power Betfair Becomes Flutter Entertainment
- Paddy Power Betfair rebrands to Flutter Entertainment
- The company begins trading on the LSE under its new name
- Rebranding across the world will be gradual to avoid confusion
Paddy Power Betfair has completed its rebranding move and the company will be known as “Flutter Entertainment” moving forward.
Paddy Is No More, Long Live Flutter Entertainment
Following its Annual Shareholder Meeting, Paddy Power Betfair has been given the go-ahead to rebrand as Flutter Entertainment with the unanimous support of its shareholders. The name change is effective immediately and this will reflect on both the company’s business and gaming operations.
Paddy is introducing itself as Flutter on both the London Stock Exchange and Euronext Dublin and will sell stocks as FLTR. The company didn’t have to wait long to conclude its rebranding move, posting solid financial results and first dropping a hint about an upcoming rebranding in March, 2019.
Year-over-year, the company reported 7% stronger results, or $2.41 billion in revenue, based on results published in March. The company’s name approval will align better with the company’s future ambitions, CEO Peter Jackson explained:
The fantastic thing is we have great support from some of the people who founded some of the businesses that are part of the new organisation.
Not Jumping the Gun on This One
Catering to some 6 million customers around the globe, Paddy Power Betfair – now Flutter, will need to focus on rebranding gradually. Introducing rapid changes in its name could be disruptive to customers and even lead to initial withdrawal of paying customers.
“While we are changing our name, most things aren’t going to change today. We have a fantastic group of challenger brands operating around the world that enable six million customers to bring entertainment to life,” Jackson clarified.
The diverse number of entities operating as part of the group has occasioned the changes in the branding of the company. Paddy Power and Betfair agreed on a £5-billion merger back in 2015 to create one of the most impressive gambling groups in history.
While competition concerns were present at first, the companies have managed to forge ahead with their own operations without biting into competitors’ profits. Paddy Power Betfair also secured FanDuel, one of the largest fantasy sports betting platforms in the United States.
The United States has been an important market for gambling businesses. With the defeat of the sports betting federal ban, the country has become a most welcoming for businesses interested in expanding their gaming and betting portfolios.