Thursday 22 August 2019

Paddy Power Betfair officially changes name

Paddy Power Betfair’s will now be known as Flutter Entertainment
Paddy Power Betfair’s will now be known as Flutter Entertainment
John Mulligan

John Mulligan

Gambling group Paddy Power Betfair has officially changed its name to Flutter Entertainment.

The name change, flagged earlier this year by the company, was approved by shareholders at its recent annual general meeting in Dublin.

While its shares will now trade under the Flutter Entertainment name, it is not replacing the Paddy Power or Betfair brands in use by the group for consumers.

The company previously said that the name change would reflect a more diverse number of entities now operating within the group.

Flutter Entertainment has businesses in Europe, Australia and the United States.

Its group revenue rose 7pc to £1.87bn (€2.1bn) in the last financial year, while its underlying earnings before interest, tax, depreciation and amortisation fell 5pc to £451m as it shouldered costs associated with its expansion into the United States.

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