Paddy Power Betfair Becomes Flutter Entertainment

Paddy Power Betfair has officially changed its name to Flutter Entertainment to reflect its new universal business strategy.

Paddy Power Betfair Flutter Entertainment

Paddy Power Betfair has officially changed its operating name to Flutter Entertainment. (Image: Flutter.com)

Following its latest investment, the Irish operator implemented the new branding on March 28. In becoming Flutter Entertainment, Paddy Power Betfair’s stock market listings have also changed.

For investors, the company will now be represented by the ticker symbol FLTR on the London Stock Exchange and Euronext Dublin.

Universal Outlook Prompts Change

The name change was approved during the company’s annual general meeting. Presented as a way of representing its new business model, board members voted unanimously in favour of Flutter Entertainment.

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.

Paddy Power started out life as a bookmaking business back in 1988. Initially running a selection of high street shops in Dublin, the operator gradually expanded its chain of shops to cover all areas of the UK.

By the early noughties, Paddy Power was active online as a bookie, casino and poker provider. In 2015, it agreed a £5 billion merger with Betfair.

When the deal was completed in February 2016, Paddy Power Betfair became one of the largest gaming companies in the world.

Flutter Entertainment Reborn

With its newfound wealth and resources, the operator embarked on an expansion effort. Adding to Sportsbet that Paddy Power purchased in 2010, the new entity acquired 61 percent of FanDuel in 2018.

That deal was worth £607 million and served as a precursor to February 2019’s deal with Adjarabet. Paying £102 million for 51 percent stake in the Georgian gambling firm, Paddy Power Betfair was able to increase its online gaming portfolio.

With more prongs to its proverbial fork, Paddy Power Betfair will now move forward as Flutter Entertainment.

In answering why the name was chosen, Jackson said it was one from the vault. Prior to the merger between Paddy Power and Betfair, the latter purchased rival betting exchange Flutter in 2002.

Keeping the naming rights, the group’s executives believe it’s the perfect way to usher in a new era for Paddy Power Betfair.

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