Uk gambling giant Paddy Power Betfair is now Flutter Entertainment. Earlier at Casino. Buzz we had reported that the company was considering to change its name to Flutter Entertainment.
The company’s shareholders have agreed to the name change, and the company’s shares will now be trading under its new name. On the London Stock Exchange, the company’s shares have begun trading under the new name, and the ticker has also been revised to FLTR.
The change followed after, almost ninety percent of their shareholders favored the decision to change the name. The shareholders voted in favor of the new name at the company’s annual meet.
The iea behind changing the name was to make sure that the company’s brand name resonated with the company’s services. Apart from England, the company also has been benefiting from its overseas operations – the US being the prime foreign destination.
The name change has come at a time when the company has been facing challenges and declining revenues in the domestic market. The new regulations related to FOBTs which brought down the maximum stakes at FOBTs from 100 GBP to 2 GBP has taken a toll on the company’s revenues.
Earlier this month 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.