Paddy Power Betfair to be rebranded as Flutter Entertainment

21 May 2019

Paddy Power Betfair fobtA great decline in profit for the year 2018 seems to have forced Paddy Power Betfair towards a rebranding move. Although revenue for the year before reached £1.87b, which was way higher than 2017, profit actually went on a 5% decline reaching £451m. The company argued that the drop took place due to the operator's entrance to the US market along with the US FanDuel's buyout.

The annual meeting of the group was when the news about the rebranding of the company as Flutter Entertainment plc was publicised and when shareholders gave their approval. As representatives stated the re-branding move depicts the new direction the company is headed. Flutter Entertainment was actually related to Betfair even before these latest developments, as the two were actually standing on opposing sides on online betting products up until 2001 when they merged.

Some more 2018 financial stats on the operator include revenue from online channels going up 5% and reaching £948m, whereas sportsbook revenue saw a 3% increase going all the way up to £678m. Another important metric is exchange betting, which accounts for 38% of the total online betting and which witnessed a 2% decrease. On a more positive note though, online gaming revenue went up  13% all the way to £270m, which marked a significant improvement compared to last year.

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If you make yourself familiar with every pink and blue box, you’ll realize why Betfair is a completely different story from any other traditional bookie. The most famous betting exchange operator, Betfair has been in the industry since 1999 and have been the pioneers of a great number of services that almost all reliable bookies offer today. These include live streaming, cash out and many more. As a betting exchange they allow every bettor to act like a bookie himself and lay bets instead of only backing them. However their bonus policy is slim and perhaps could see an impovement.

 

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