Peter Jackson (CEO of Paddy Power Betfair) says the new name will promote “increased diversification” in the company’s offering, which now includes six brands: Paddy Power Betfair Sportsbet FanDuel TVG Adjarabet. Name change to be approved by shareholders at Paddy Power Betfair annual general meeting, May. Jackson explained that, with a “growing portfolio of brands,” the Group will be renamed Flutter Entertainment plc. The historical name will not be used for consumer products, but we plan to ask our shareholders at the AGM for permission.
Jackson said that the decision to change the name of the corporate entity was also imperative. It will still take time for the corporate goals to be met by settling on a generically-sounding word like “Flutter”. Paddy Power Betfair was a more complex name than “Flutter” and was commonly shortened as Paddy or PPB. Paddy Power or Betfair will not disappear; both brands are still prominently displayed in their preferred markets 2up.
Flutter was also a part of an older corporate acquisition that Betfair made in 2001. Jackson said, “It was cheap to pull it out from the archives.” What else could happen? It’s possible that if the name gets a lot of attention, it will be used on some brand in the future.
But the debate over the proposed change of name has already begun. Joe Brennan of The Irish Times quickly attacked the proposal. He said, “The proposed name Flutter Entertainment plc is tone deaf and comes at a period when gambling has a bad image.” Brennan continued, “For an organization that spends millions in marketing and advertising each year, it would have been a wise investment to hire some experts.”
Brennan’s screed contributes to the fact that gambling advertising and marketing in Britain and Ireland have already reached a stage where they are no longer fun. The group’s new planned name is not in line with the agenda, Brennan concluded.
Yeah, whatever. When a business has to go to this level of political manipulation over a brand name which is not associated with a specific company, the state’s nannying goes too far. Paddy, (Power Betfair), has other more important concerns. The EUR55 million of back taxes demanded by Greece and Hesse in Germany is one example. Greece is claiming EUR15 million in back taxes in connection with Paddy Power offering services in Greece from 2012 to 2014. Hessian Assessment is for Betfair operations in Hessians in 2012.
There are stretches in both jurisdictions where regulatory oversight has been unclear, and the courts have ruled against it. PPB will appeal both assessments. However, the chances of success are very slim. Another operator faces similar assessments for back taxesSpeaking about strange stories of US-based sports betting, we have the Sports Betting National Championship. DraftKings is the world leader in DFS and offered this contest in New Jersey to their newly-opened sports bettors. SNBC was a Sports Betting National Championship that ran in New Jersey from 11-13 January at DraftKings’ live-betting outlets. This event aimed to blend traditional sports betting with DFS’ contest component.
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