Paddy Power Betfair has proposed a name change to Flutter Entertainment.
The popular sports betting site released the proposition alongside its annual financial report where it suggested a rebrand was needed to reflect the diversity of its growing brand portfolio following its recent merger and acquisition.
Back in February, the firm acquired a 51% stake in Adjarabet, a Georgian betting operator. Before that, in May 2018, the firm agreed to merge its US division of Betfair with sports operator FanDuel.
According to reports, the name change, which has yet to gain approval from the firm’s shareholders, is expected to take place in May this year.
The firm’s financial report, meanwhile, revealed that its profit before tax in 2018 dropped to £219 million, a figure down 11% from 2017’s £247 million. However, Paddy Power Betfair’s revenue rose 7% year-on-year to £1.9 billion.
Peter Jackson, Chief Executive at Paddy Power Betfair, said in a statement: “I’m really pleased with the way that the group performed in 2018 in what was a challenging year for the sector with regulatory and tax changes. Our collection of challenger brands are well positioned in their local markets. Paddy Power has regained its mojo, taking share following product improvements and some of our ‘classic’ marketing.”
He continued: “The new financial year has started in line with our expectations. The acquisition of Adjarabet is further evidence that we are delivering against our strategy, and whilst there will inevitably be further regulatory challenges, we are excited about the growth opportunities ahead of us.
“With a growing portfolio of brands, we plan to rename the Group as Flutter Entertainment. There are no plans to use this historical name for consumers, and we will seek shareholders permission for the change at our forthcoming AGM.”