Paddy Power Betfair begins trading as Flutter Entertainment
Name change designed to reflect the firm's focus on growing portfolio of brands
Paddy Power Betfair has today begun trading under its new name Flutter Entertainment plc, with the ticker symbol FLTR.
The name change, first proposed in March, was approved earlier this month by shareholders.
The switch is designed to reflect the company’s growing portfolio of global brands, which now includes Adjarabet, FanDuel, TVG and Sportsbet, as well as Paddy Power and Betfair.
“Today is an important day for the organisation as we adopt our new identity,” said Flutter CEO Peter Jackson. “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.”
Flutter is a name from the group’s archives, being a rival exchange acquired by Betfair back in January 2002, although it won’t be revived as a consumer brand.
The corporate site will be hosted at www.flutter.com.
Three of the original Flutter employees remain part of the business today.
Today @LSEplc welcomed @FlutterPLC, the new name for Paddy Power Betfair, for its first day of trading under its new name. Listed on the main market, Flutter Entertainment plc reflects the group’s diversity of brands, geographies and operations https://t.co/nvhSkeYFND pic.twitter.com/2EncylKRpv
— London Stock Exchange (@LSEplc) May 28, 2019
Andrew ‘Bert’ Black, one of the original Betfair founders, said the name change recognised the “huge contribution” that Flutter had made to the business since its acquisition.
At its Q1 2019 results in May the group announced revenues up 17% to £478m with standout performances from the new FanDuel sports betting operations in New Jersey and the Sportsbet business in Australia, although the European sportsbook business struggled comparatively.