Paddy Power Betfair has announced plans to rebrand and change its name to Flutter Entertainment pending shareholder approval.
Chief Executive Peter Jackson said the change would reflect “the increased diversity of our brands and operations”, but also said the change would not be seen by consumers at betting platforms.
The company also reported that revenue was up 9 percent, from £1.75bn to £1.87bn, while pre-tax profit dropped 11 percent from £247m to £219m in 2018. The group said earnings were lower due to investments made in the U.S., and the dividend was unchanged.
The firm also said the new £2 stake limit for fixed-odds betting terminals, which will go into effect next month in the UK will not have a material impact on its sports-led retail strategy. However, Paddy Power said the rule changes highlighted “the importance of having sustainable earnings streams, something the group has always been committed to.”
In another matter, David Foster has left as Public Affairs Manager at Paddy Power Betfair after being appointed as the new head of regulatory affairs at GVC Holdings. Foster held the position of public affairs manager for Betfair prior to its merger with Paddy Power.
