Interactive
UK – Paddy Power Betfair changes to Flutter Entertainment
By Phil - 30 May 2019
Flutter Entertainment plc is the new name for Paddy Power Betfair plc, which was formed in 2016 from the merger of Paddy Power plc and Betfair Group plc.
The Group has changed its name to reflect the increasing diversity of its brands, geographies and operations following the transformational merger of its US business with FanDuel in 2018 and the recent acquisition of Adjarabet in Georgia.
The London Stock Exchange has welcomed Flutter Entertainment to its first day of trading under its new name on the London Stock Exchange plc’s main market for listed securities. It will now trade under the ticker “FLTR”.
Flutter now houses six of the world’s leading sports betting and gaming brands; Paddy Power, Betfair and Adjarabet in Europe; Sportsbet in Australia; and FanDuel and TVG in the USA. Together, these 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 this morning.
At its most recent Q1 2019 results in May the Group announced revenues up 17 per cent 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.“
