PADDY POWER BETFAIR NAME CHANGE CONFIRMED
Viktor Vangelov | Published 17 May 2019, 1:44 p.m.
In March this year we reported on the Paddy Power Betfair decision to change its name. Two months after the plan was announced, the company, i.e. the shareholders gave the green light. The resolution was supported by practically everybody, or to be more precise by 99.7% of all shareholders and now the name change can be formalised.
The plan to rebrand and change company name was initially published in 2018 and now its confirmed that everybody at Paddy Power Betfair was serious about this.
In other news, another betting add in the UK has just been banned. The ASA recently banned a bunch of ads that were accessible by children. This time it’s a different sort of an issue. William Hill released a Tinder ad that, in the opinion of the ASA, links gambling to sexual success. The company tried to defend the ad and its primary target and purpose, but it is banned in its current forma and the company must never use it.
On the other side of the pond there are states aiming to legalise online gambling in some of its forms, but certain sports teams and other stakeholders are strongly opposing the idea. Swedish authorities fined a couple of operators for breaking regulations, namely regulations regarding bonus terms and rules.
There’ll Be No More Paddy Power And Betfair
As we mentioned above, almost all shareholders were in favour of the rebranding idea. The CEO said that the company managed to reaffirm its reputation in the past few months and that a brighter future lays ahead. With the betting legalisation in progress in certain US states the company is looking to catch the momentum and expand on this major market, thus ensuring its growth in the upcoming period.
Peter Jackson was elected as a Director again and Gary McGann’s chairman position was also confirmed. Other senior members of staff were also re-elected. Johnathon Hill was named CFO in March 2018 and his will remain in this position.
It is interesting to note that the company’s revenue went up by 9%, bur at the same time, the pre-tax earnings or profit decreased 11% from £219m up to £247m.
William Hill’s Controversial Tinder Ad
In the said ad, William Hill invites players to get out of the friend zone, a message that has been characterised as breach of the rule not to link gambling to sexual success. The suggestion is that using the free bet offer for Cheltenham would help players to get out of the friend zone. According to the code of non-broadcast advertising it is not permitted to link gambling to attractiveness and sexual success. The ASA is supposed to oversee whether companies adhere to this code.
Tinder, on the other hand, released a statement that it reviewed the ad and whether it is irresponsible or offensive and it established that it is not the case. The operator didn’t protest the decision at all, in fact WH pulled the ad right away.
It appears that the ASA and its representatives are really determined to adopt a firmer stance towards potentially problematic adverts and ensure that all operators adhere to the rules and regulations that are in place. We also reported on the Paddy Power ad featuring Ryan Giggs’s brother Rhordri.