Peter Jackson is the CEO at Paddy Power Betfair 2up. According to him, the reason for the name change was to “promote the increased diversity” of their offerings. After a few recent acquisitions, they now have six — Paddy Power Betfair Sportsbet FanDuel TVG Adjarabet. Paddy Power Betfair will propose the name change for shareholder approval during its annual general meeting scheduled in May. Jackson announced that “with a growing brand portfolio,” we plan to rename Flutter Entertainment plc. This historical name is not intended for use by consumers. We will ask for shareholders’ permission to change it at our next AGM.
Jackson also said the need for a change in corporate name is imperative. However, whether the choice of “Flutter”, which has a very generic sound to it, will result in long-term corporate benefits will not be known until some time. Paddy Power Betfair, at the least, is a long name, but it’s often abbreviated to Paddy and PPB. Paddy Power, or Betfair as they were known in previous years, will remain a prominent brand on their favorite markets.
Flutter’s name was first used in 2001 by Betfair as part a previous corporate purchase. Jackson stated, “It did not cost us any money with branding consultants.” But who knows? The name could end up on a future brand.
Already, the criticism of the proposed name is rife. Joe Brennan from The Irish Times criticized the proposed change. “The name Flutter Entertainment plc cannot be tone deaf in a time where the entire gambling sector is suffering an image crisis.” Brennan went on to say, “For the company who spends millions every year in advertising and marketing, it may have been a better investment for them to bring in experts.”
Brennan’s screed reflects the current state of gambling marketing and advertisement in UK and Ireland. His conclusion was that the group’s intended new name “jars” with their agenda.
Yeah, whatever. It is a sign that the government has gone too far if it takes a company to this extent to mollycoddle them over an unrelated corporate name. Paddy has bigger problems to deal with. You can take the EUR55million of unpaid tax that Greece, as well as the German state Hesse have demanded. Greece has claimed EUR15million in respect of Paddy Power’s services provided in Greece during the period 2012-2014. Hessian assessments is related to Betfair’s activities in Hessians from 2012 onwards.
Both jurisdictions had stretches with unclear regulatory oversight that was challenged in court. PPB appeals both assessments. The chances for the company to win are small. Some operators are facing similar back-tax assessments. Speaking of bizarre sports-betting stories from the United States: the Sports Betting National Championship. DraftKings – the leader of daily fantasy sports in the US – offered the betting competition with a twist to New Jersey’s newly-opened state market for sports bettors. SNBC or Sports Betting National Championship was held from January 11-13 in New Jersey at DraftKings, a live-betting sportsbook outlet. The event was meant to bring together traditional sports bets and DFS contests.
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