It’s official; Paddy Power Betfair will now run under a new name. Indeed, the online casino and sportsbook will now go by Flutter Entertainment. The company said the change unifies the increased diversity of all its brands. So going forward, Paddy Power, Betfair, FanDuel, SportsBet, TVG, and Adjarabet will all operate under one banner. The move was part of a name-change agreement that saw a 99% approval from firm shareholders.
Flutter Power Move
As of May 28th, the gaming giant started trading on Euronext Dublin and the London Stock Exchange under FLTR. However, Flutter still trades in US Over-the-Counter (OTC) markets as PDYPY. We’re not sure what’s causing the delay, but we do expect it to change soon. Considering how successful and popular FanDuel Sportsbook is in New Jersey, the decision to re-brand marks a new start for the UK betting group. Also, keep in mind, this is only the beginning. The company’s CEO Peter Jackson said the new name change reflects internal diversity and supports a future growth strategy. In addition to that, the Groups Q1 results ending in May 2019 show the company up 17% to $607 Million. So, the call to re-brand was a necessary step forward.
Six for Six and Growing
Overall, Flutter has six brands with around six million customers. Which, gives them a market-leading edge on sports betting products in the US and beyond. And with all the success of Betfair Casino in New Jersey, Flutter is also strong in the online casino markets as well. Not to mention, they run the most sought-after DFS operation (FanDuel) in America. Plus, they operate an advanced deposit wagering service and a sports betting television network based out of Hillsboro, Oregon. Looking ahead, it’s going to be exciting to witness Flutter expand even further into US territory. The truth is, they offer one of the hottest betting products and brands in the business. Therefore, we look forward to the next chapter with much anticipation.