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Paddy Power Betfair proposes name change to Flutter Entertainment

Irish-headquartered Paddy Power Betfair is planning to rename itself as Flutter Entertainment, reflecting its growing number of brands across Europe, US, and Australia, local media reports.

The change is not expected to make an impact on the corporate structure and only the holding company will be renamed - which is scheduled for May of this year.

Chief executive Peter Jackson and chief financial officer Jonathan Hill stressed to reporters that the brands were very much alive.

"With a growing portfolio of brands, we plan to rename the Group as Flutter Entertainment plc," said chief executive Peter Jackson in a statement.

In the U.S., Fanduel will be changing from a fantasy sports website to actual sports betting.

The company also plans to expand Betfair into more countries.

In Australia, Sportsbet will retain its leading position in Australia.

Last February, the company also bought a 51 percent stake in Adjarabet, an online gaming company based in Georgia.

The name change announcement came at the same time as its 2018 results filing.

Paddy Power Betfair reported an 11 percent fall in pre-tax profits for the year, despite a 7 percent increase in revenues.

Jackson said the new financial year has started in line with company expectations and said he was excited of the growth opportunities ahead.

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