Paddy Power Betfair’s shareholders have voted in favour of a company rebrand.
Two months ago, we reported that Paddy Power Betfair proposed a company rebrand to Flutter Entertainment alongside the release of its annual financial report. The firm claimed in the report that a rebrand was needed to reflect the diversity of its growing brand portfolio and its recent merger.
Just this week, the firm’s shareholders voted in favour of the name change. Paddy Power Betfair’s shareholders voted at the firm’s Annual General Meeting on Wednesday (May 15) where 99.75% of them backed the proposed name change.
In addition, CEO Peter Jackson was cleared for re-election as a director and in a statement, said it was important that the firm chooses a name that reflects its brands and not just one or two of its businesses.
He added: “I’m also very, very thoughtful that this change of our corporate name [doesn’t mark] any significant change in our corporate strategy.”
A Growing Brand
Back in February, Paddy Power Betfair acquired a 51% stake in Adjarabet, a Georgian betting operator and in May 2018, the firm merges its US division of Betfair with sports operator FanDuel. Meanwhile, Flutter was a gambling brand Betfair acquired back in 2001.
Shortly after the Annual General Meeting, Jackson informed reporters that the firm is still on the lookout for additional acquisitions to continue growing its online presence.
It’s currently unknown what Paddy Power Betfair’s plans are now after the Annual General Meeting but we’ll look forward to seeing the company rebrand in the future.