Flutter Entertainment – The new name for Paddy Power Betfair

The most successful gambling company Paddy Power Betfair (PPB) plans to rename Flutter Entertainment Plc in May if shareholders agree it during their annual general meeting.

The giant declares that the decision to change the name will change nothing for the customers. The brand intends to maintain their strong gambling position, delivering continuously betting services to punters.

To notice that the modification will be significant only for business associates. This means that their investments will be shares in Flutter Entertainment Plc and not in Paddy Power Betfair.

The new name is historic, as it belonged in the past to a rivaling betting exchange of Betfair, called Flutter. But the company maintains that they “don’t intend to use it for our customers”.

Wind of change for Paddy Power Betfair success

Paddy Power Betfair Chief Executive Peter Jackson was the motivator for the company rebranding, relying on the financial figures for 2018. Despite the fact that Group Revenue raised by seven percent to £1.873 billion, its underlying earnings before interest, taxation, depreciation and amortization went down five percent to £451 million. Undoubtedly, the EPS (earnings per share) were down six percent to 241.7p, resulting in £24 million investment in its US sport betting market.

The US represents an exciting area for Paddy Power Betfair, being welcome to the new legal sports gambling and betting in America.

For instance, FanDuel (a daily fantasy sports provider in the US) acquired in July 2018 by PPB, was changing in online sport betting, counting already eight million customers. In short time it achieved 35% of the New Jersey online market, covering practically the entire state.

Relating to the American experience, Jackson told, “We’re very pleased with the start we’ve made in the US. The opening of the market has the potential to be the most significant development to occur within our sector since the advent of online betting, and initial market dynamics are encouraging.”

To resist all the new rules and tax changes in the UK gambling industry, the Paddy Power Betfair Group has expanded market share for online betting in Europe. In February 2019 they obtained 51% of controlling interest in Adjarabet for the cost of £101 million. Adjarabet is the principal bookmaker for online sports betting and gambling in Georgia (ex-Soviet republic). Georgian market is looking advantageous for online gambling. That’s why PPB group expects to acquire the remaining 49% of Adjarabet the next three years, upgrading their position in the gambling industry and increasing their online market, punters and income.

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