In a recent announcement, Flutter Entertainment (former, Paddy Power Betfair) has revealed that the HSBC Bank PLC now holds a 5.8% stake in the company.
Following a transaction on Thursday, last week, HSBC now holds an interest in 2.5 million of Flutter Entertainment’s 78.2 million shares.
Flutter Entertainment shares shot up by o.6 percent on Monday and were trading at 5,892.00 pence each. HSBC share prices went up by 1.2% at 658.40p.
Paddy Power Betfair had first announced that they would be rebranding as Flutter Entertainment, in their 2018 financial report filing.
The company said that their rebranding strategy would help them represent its diverse and global brands. Though the firm has posted a significant 17 percent year-on-year increase in revenues for the first three months of its business in 2019, the company’s domestic performance has suffered.
Earlier in May, the company posted a massive 47 percent year-on-year increase in revenues from its US operations for the first three months of 2019. The group generated £78 million from its businesses in the US.
Paddy Power’s domestic revenues suffered as the UK gambling commission introduced the maximum stake reduction on FOBTs. The maximum stakes which could be placed on FOBTs were reduced from 100 GBP to 2 GBP.