|Public limited company|
|Traded as||LSE: FLTR|
FTSE 100 Component
|Predecessors||Paddy Power and Betfair|
|Founded||2 February 2016|
|Gary McGann, Chairman|
Peter Jackson, CEO
|Revenue||£1,873.4 million (2018)|
|£360.5 million (2018)|
|£180.7 million (2018)|
Number of employees
Flutter Entertainment plc (formerly Paddy Power Betfair plc) is a bookmaking business created by the merger of Paddy Power and Betfair. It is listed on the London Stock Exchange, and is a constituent of the FTSE 100 Index. It operates under various brands including Betfair, Paddy Power, Sportsbet, TVG and FanDuel.
Paddy Power and British rival Betfair agreed terms for a merger on 8 September 2015. The business is owned 52% by the former Paddy Power shareholders and 48% by the former Betfair shareholders. The merger was completed on 2 February 2016. On 5 April 2016, it was announced that 650 jobs in United Kingdom and Ireland would be lost at the company.
On 18 October 2016, the company paid out $1.1M to those who bet on Hillary Clinton in the presidential election in the United States, citing a certainty of Clinton's victory. Trump won. In May 2017, it acquired daily fantasy sports operator Draft. In August 2017, it was announced that Peter Jackson, CEO of Worldpay UK would succeed Breon Corcoran as CEO of Paddy Power Betfair.
In March 2018, the company announced that it would be implementing an electronic self exclusion process through its in shop app. The new system will replace the current paper based process, and will be implemented across the United Kingdom.
In May 2018, Paddy Power Betfair announced its intent to acquire FanDuel, one of the two leading daily fantasy sports operators in the United States. The deal was part of an effort to bolster the company's assets in the United States, following the overturning of a federal prohibition on sports betting.
The company paid $158 million to merge its existing operations in the United States with FanDuel, and holds a 61% controlling stake in the combined company, with the option to increase is stake to 80% after three years and 100% after five.
In October 2018, the company was fined £2.2 million by the Gambling Commission for failing to protect customers showing signs of problem gambling, and for failing to carry out adequate anti money-laundering checks. In February 2019, the company announced the acquisition of a 51% controlling stake in adjarabet, a business operating in the Georgian gambling industry with an option to acquire the remaining 49% after three years.
On 6 March 2019, the company announced that it would rebrand as Flutter Entertainment plc, pending shareholder approval at the company’s annual general meeting in May. Flutter was originally the name of a betting exchange acquired by Betfair in December 2001. The company stated that the rebrand, which took place on 28 May 2019, would not affect the company’s individual customer facing gaming brands.
The new business maintains separate brands in the United Kingdom, Ireland and Italy. It operates across four divisions; online, retail, Australia and the United States. The online division comprises Paddy Power and Betfair in the United Kingdom and Ireland. Betfair also operates an online betting exchange.
The retail division operates over six hundred betting shops in the United Kingdom and Ireland. In Australia, they own Sportsbet. The division in the United States includes the TVG Network, which is a horse racing television channel and pari mutuel online betting network, which is active in thirty five states. In New Jersey, the company has an online casino and a horse racing betting exchange.
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- "Betting website pays out $1 million because it's certain Clinton beats Trump". CNN. 18 October 2016. Retrieved 9 November 2016.
- Bradley Gerrard (10 May 2017). "Paddy Power Betfair enters fantasy land on back of US sports acquisition". The Daily Telegraph. Retrieved 17 June 2017.
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