- Paddy Power to change its name to Flutter Entertainment.
- This name change proposal will be submitted at its annual general meeting (AGM) in May.
- On the name change, Paddy Power Betfair chief executive Peter Jackson said: “With a growing portfolio of brands, we plan to rename the group as Flutter Entertainment plc.”
Paddy Power Betfair plans to submit a proposal to change the company name at its annual general meeting (AGM) to be held in May. The new name, Flutter Entertainment, reflects its “increasing diversity”, however, the company stressed that this would not affect consumer brands.
Details of the proposal were announced following reported pre-tax profits of £219 million for 2018, down from £247 million in 2017. This 11% dip in profits is due in part to the company ramping up investment in its fledgeling US sports betting business.
Paddy Power Betfair chief executive Peter Jackson said the group had “regained its mojo” as it began to regain its market share in the UK last year, following several years of share losses. He commented that it had been a “challenging year for the sector with regulatory and tax changes.”
Speaking on the name change specifically, he said: “With a growing portfolio of brands, we plan to rename the group as Flutter Entertainment plc. There are no plans to use this historical name for consumers, and we will seek shareholders’ permission for the change at our forthcoming AGM.”
Image source: paddypowerbetfair.com