Paddy Power Betfair rebrands as Flutter Entertainment

Paddy Power Betfair has completed its rebrand as Flutter Entertainment, after shareholders overwhelmingly backed the name change earlier this month.

The name change is effective immediately, with the operator’s shares to now trade as Flutter Entertainment plc under the ticker symbol FLTR on both the London Stock Exchange and Euronext Dublin.

Paddy Power Betfair set out plans to rebrand the business upon announcing its financial results for 2018 in March, when it revealed year-on-year revenue growth of 7% to £1.9bn (€2.15bn/$2.41bn).

Shareholders in Paddy Power Betfair voted in favour of the name change at the group’s Annual General Meeting, with 99.76% of the total votes cast backing the measure.

“I think it’s a great opportunity to better reflect the global nature of our organisation and the diverse set of challenger brands we have operating around the world,” CEO Peter Jackson said.

“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.

“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.

“Our colleagues are looking after those customers in a responsible way to make sure they can enjoy their time with Flutter.”

At the time of writing, Flutter is trading at 5,732 pence per share on the London Stock Exchange, up from today’s opening price of 5,572 pence.

Image: Jim Makos