Paddy Power Betfair has officially rebranded as Flutter Entertainment.
The hugely popular bookmaker has made the move after its shareholders backed the proposal to change its name earlier this month.
According to reports, the change is effective immediately and the company’s shares are already trading as Flutter Entertainment plc on the London Stock Exchange and Euronext Dublin.
Paddy Power Betfair first proposed the rebranding in March after unveiling its annual financial report. In the report, the firm suggested a rebrand was needed to reflect the diversity of its growing brand portfolio, particularly after its recent merger and acquisition of Adjarabet, a Georgian betting operator.
Then, earlier this month, the firm held its Annual General Meeting where 99.75% of Paddy Power Betfair’s shareholders voted in favour of the name change. They also cleared CEO Peter Jackson for re-election as a director.
What They Say
In a statement about the rebranding, CEO Peter Jackson said: “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.
“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.”