Industry News

HSBC Holds 5.8% Stake in Flutter Entertainment

Published

6 years ago

June 13, 2019

Niji Narayan

HSBC Holds 5.8% Stake in Flutter Entertainment

Photo Source: theconversation.com

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Flutter Entertainment has revealed that the HSBC Bank PLC holds a 5.8% stake in the company.

HSBC now holds an interest in 2.5 million of Flutter Entertainment’s 78.2 million shares. Following the reveal about the shareholdings, Flutter Entertainment’s shares shot up by 0.6% and were trading at 5892.00 pence each. HSBC share prices went up by 1.2% at 658.40p.

Paddy Power Betfair had first announced that they would be rebranding as Flutter Entertainment, in their 2018 financial report filing. The company said that their rebranding strategy would help them represent its diverse and global brands. The company posted a massive 47% year-on-year increase in revenues from its US operations for the first three months of 2019. The group generated £78 million from its businesses in the US.

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.