Paddy Power has a flutter on new name

GAMBLING group Paddy Power Betfair is changing its name as it expands into lucrative American markets.

It said brands, including Paddy Power and Betfair, would keep their current identities but the parent company will take the name ‘Flutter Entertainment’. The firm said this reflected its range of businesses better.

Other brands in the group include Sportsbet, TVG and Adjarabet. The company said it would seek shareholder approval for its name change at its annual general meeting in May.

It unveiled an 11pc fall in profits to £219m for last year, with revenues rising 7.3pc to £1.87bn.

Profits were dented by £24m of spending on its US division, where it aims to take advantage of the recently opened sports betting market.

Peter Jackson, the chief executive, said the group had ‘regained its mojo’ in the UK last year, following several years of market share losses.