Bookmaker group Paddy Power Betfair has released a proposition to rebrand the group as Flutter Entertainments in a bid to reflect the group’s growing brand portfolio.
In a release of the group’s preliminary full-year 2018 results, the group outlined that its recent merger and acquisition drive meant that a rebrand would be essential in order to represent its global range.
In February of this year, the group acquired a 51 per cent stake in Georgian operator Adjarabet for an initial cash consideration totalling £101m. While in May 2018, Paddy Power Betfair agreed to merge its Betfair U.S. division with fantasy sports operator FanDuel.
Pending the approval of the group’s shareholders at the forthcoming AGM, Chief Executive Peter Jackson released in a statement: “ 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 plc. There are no plans to use this historical name for consumers, and we will seek shareholders permission for the change.”
As announced in its results, Paddy Power Betfair detailed that its global agenda had seen significant progress during 2018. Looking forward to 2019, the operator group intend to target additional organic and M&A-led opportunities across the world.