UK’s top gambling operator Paddy power Betfair is going to rebrand itself and will be known as Flutter Entertainment. The company had first announced the rebranding in its 2018 financial report filing.
The company has explained that rebranding is to make the company’s brand represent its diverse and global brands. CEO Peter Jackson said, “With this change of corporate name this isn’t a signal of any significant change to our strategy.”
While Jackson has been re-elected the Director of Paddy Power, Chairman Gary McGann was re-elected as chairman. Nancy Cruickshank serves as a non-executive director.
Gary McGann, chair of Paddy Power Betfair said: “We are delighted to welcome Nancy as a non-executive director. She brings with her a wealth of digital and non-executive director expertise combined with her entrepreneurial spirit and will serve as a great addition to the board.”
CEO, Peter Jackson commented: “I think we get much better returns from growing our online business, which is where you have seen the focus of growth for the past few years.”
Earlier in May Paddy Power released its financial figures for the first quarter. The company posted a significant 17 percent year-on-year increase in revenues for the first three months of its business in 2019. It had generated a total revenue of £478 million, in Q1.
The company recorded a massive 47 percent increase in revenues from its US operations.