Paddy Power Betfair Rebranded as FlutterJake Cooper | 03 Jun 2019
“Flutter Entertainment” is a name that online bettors will come to know well in the next few months. The name was chosen for the rebranding of Paddy Power Betfair, which is now complete. Shareholders overwhelmingly voted in favour of the change – the proposal was backed by 99.76% of them - at their Annual General Meeting earlier in May.
The rebranding plan was announced after the gambling industry heavyweight's 2018 results were published in March of this year, and revealed revenue of £1.9bn (€2.15/$2.41bn). This reflects a rise of 7% in year-on-year earnings. When the first 3 months of 2019 and 2018 were compared, this year's results showed takings that were higher by 17%.
Although Paddy Power Betfair's revenue showed an increase and not a decrease, the company has faced several financial ups and downs over the past 12 months. This prompted a brainstorming discussion between officials, to come up with new growth strategies for the corporation.
The rebrand was one of the chief ideas generated by the brainstorm session. The enthusiastic response of stakeholders prompted the company to effect the renaming as soon as possible, and shares are now traded on both Euronext Dublin and the London Stock Exchange as Flutter Entertainment plc. The new ticker symbol is displayed as FLTR.
Rather than associating the corporation with England or Ireland only, as the monikers Betfair and Paddy Power suggest, Flutter Entertainment should make the brand's global nature more obvious. Chief Executive Officer Peter Jackson publicly called the change a “great opportunity” to do just that. The 2019 fiscal year has been in line with expectations thus far, and it is believed that under the Flutter Entertainment banner this will continue.
High Standards Will Be Maintained
Jackson went on to say that most aspects of the business are not going to be any different. Betfair and Paddy Power will still exist as subsidiaries, along with FanDuel, Timeform, TVG Network and other successful operators. The rebrand has been supported by the various founders of the original businesses, which the Chief Executive Officer described as a “fantastic thing”.
Stakeholders did, however, vote to approve all other measures that were presented at the Annual General Meeting at the same time as they passed the name change. This includes the declaration of 2018's final dividend as 133 pence per ordinary share, re-electing Jackson as a director, and other senior staff appointments.