- Gambling company Paddy Power Betfair posted an 11% fall in annual profit, partly owing to investment spending in its young US sports betting business.

The company also said it would change its name to Flutter Entertainment.

Pre-tax profit for the year through December declined to £219m, even as revenue rose 9% to £1.87bn.

Underlying Ebitda pre-US sports betting costs inched up to £475m, in line with the company's most recent guidance of £465m-to-£480m.

Paddy Power Betfair kept its full-year dividend steady at 200p.

'Paddy Power has regained its mojo, taking share following product improvements and some of our 'classic' marketing,' chief executive Peter Jackson said.

'The new financial year has started in line with our expectations,' he added.

'The acquisition of Adjarabet is further evidence that we are delivering against our strategy, and whilst there will inevitably be further regulatory challenges, we are excited about the growth opportunities ahead of us.'

Jackson said the change to Flutter would apply and the corporate level and that there were no plans to use the name for consumers.

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