The gambling giant has been spending big on its US division to take advantage of the recently opened sports betting market
Gambling giant Paddy Power Betfair has unveiled plans to change its group name as it posted an 11% fall in annual profits after ramping up investment in its fledgling US sports betting business.
Details of the proposal came as Paddy Power reported pre-tax profits of €254 million for 2018, down from €286 million in 2017. Underlying earnings stripping out the US investment remained flat at €551 million - up 2% excluding currency effects. "There are no plans to use this historical name for consumers, and we will seek shareholders' permission for the change at our forthcoming AGM."
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