Paddy Power Betfair proposes name change to Flutter Entertainment

[The Buzz]

Paddy Power Betfair announced on Tuesday it is proposing to re-name the company to Flutter Entertainment, saying it would "better reflect the increased diversity of its brands and operations."

Peter Jackson, CEO of Paddy Power Betfair, said in a statement:

"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 at our forthcoming AGM."

In other news, group revenue increased 7% to £1.9 billion in 2018, but underlying EBITA (earnings before interest, taxation, depreciation and amortisation was down 5% to £451 million after £24 million of investment in the U.S. sports betting market was taken into account.

Added Jackson:

"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.”

“The opening of the US online sports betting market has the potential to be the most significant development to occur within the sector since the advent of online betting. Rather than announcing our plans, we have moved quickly to give ourselves the best chance to win in that market,”

Read the report here: http://otp.investis.com/clients/uk/p...newsid=1237932

[Sherlock]

Makes sense. Removing betFAIR is like when Google removed "Do not be evil".
F-word is appropriate. Thieves.com would be better, but if their collective subconsciousness works they might buy some jingles from songs like this:


There is no guidance in your kingdom
Your wicked walk in Babylon
There is no wisdom to your freedom
The richest man in Babylon
Your beggars sleep outside your doorway
Your prophets leave to wonder on
You fall asleep at night with worry
The saddest man in Babylon

The wicked stench of exploitation
Hangs in the air and fingers on
Beneath the praise and admiration
The weakest man in Babylon
There is no hope left in your kingdom
Your servants have burned all their songs
Nobody here remembers freedom
The richest man in Babylon

[TheGooner]

If I remember correctly Flutter was the name of a competing betting exchange that Betfair bought up around 2010(ish?)
It had a good vibe and less commission than Betfair.

[Sherlock]

You are right, there is redirect. Whole Betfair model is a joke, with their fees and fees on the top of fees.
I am currently solving a dispute, where Betfair seized funds of a bettor, because the game was (maybe) rigged. How can an exchange to do that...
Cases like Betfair show how strong are so called natural monopolies, which occur when strong network effect is present. Second biggest exchange is probably Matchbook, and it is not exchange at all, because they burn money to seed it heavily + Matchbook keeps coming with 0% promotions .