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Flutter appoints Hayward as managing director of Betfair

| By Robert Fletcher
Flutter Entertainment has promoted Rich Hayward to the new position as managing director of its Betfair business.
Betfair Flutter Hayward

Hayward takes on the role having served as UK and Ireland commercial director at Betfair since August 2019. 

A long-serving member of the Betfair team, Hayward joined the business in September 2008 as a commercial graduate. He has worked in a host of roles, working his way up the business to hold several director positions. 

Hayward also had a stint as integration director at the wider Paddy Power Betfair business before taking on his recent commercial role at Betfair.

“The Betfair dream continues,” Hayward said in a LinkedIn post. “The excitement and enjoyment is as big now as it was for me on day one back in 2008. The culture and the team are such a privilege to be part of and every day continues to be a thrilling education. 

“With that, I’m thrilled to announce that I have been appointed managing director at Betfair for Flutter UK & Ireland. I’m excited to get going and looking forward to the opportunity.”

Betfair parent Flutter reports £9.51m revenue in 2023

Confirmation of the new appointment came as Flutter posted a trading update for its 2023 financial year. Revenue was up 25% year-on-year to £9.51bn (€11.11bn/$12.05bn).

Flutter says this is primarily due to growth in the US. For 2023, revenue from US-facing FanDuel jumped 38% to £3.06bn, accounting for 37.9% of all annual revenue.

UK and Ireland revenue was also up 15% to £2.46bn and international revenue increased by 36% to £2.29bn. However, Flutter continues to struggle in Australia, where revenue slipped 8% to £1.17bn.

Flutter secures MaxBet stake

It was also confirmed this week that Flutter completed its acquisition of a majority stake in MaxBet. Flutter agreed to purchase the stake in the Serbian sports wagering and gaming operator for €141m in September 2023.

Flutter said MaxBet brings a wealth of expertise and experience to the group. It added that the brand will improve the experience of customers across the Balkans region.

Flint exits Flutter board

In other news this month, Flutter revealed Richard Flint will not seek re-election to its board of directors.

Flint is expected to step down from the board at the conclusion of Flutter’s AGM in May. He joined the board in March 2020 following the merger of Flutter and The Stars Group (TSG).

Previously, he served as executive chair of Sky Betting & Gaming, until October 2019. He was also CEO for 10 years until the company was acquired by TSG in 2018.

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