Rich Hayward has been promoted to the managing director of the Betfair business by Flutter Entertainment. His new position was confirmed as part of the company’s trading update for the 2023 financial year, which saw revenue increase by 25% to £9.51 billion.
Hayward, who has been with Betfair since 2008, most recently held the role of UK and Ireland commercial director. In a post on LinkedIn, he expressed his enthusiasm for the new role, stating that the Betfair dream continues to be a thrilling journey and he is looking forward to the opportunity.
The growth in revenue for Flutter can be attributed to the performance of its US-facing brand, FanDuel, which saw revenue increase by 38% to £3.06 billion. Revenue from the UK and Ireland also saw a 15% increase, while international revenue grew by 36%. However, the company faced challenges in Australia, where revenue slipped by 8%.
In addition to the new appointment, Flutter also completed its acquisition of a majority stake in MaxBet, a Serbian sports wagering and gaming operator, for €141 million. The company sees this acquisition as an opportunity to enhance the customer experience across the Balkans region.
However, alongside the positive news, Flutter also announced that Richard Flint will not seek re-election to its board of directors. Flint had been part of the board since March 2020 following the merger of Flutter and The Stars Group. He had previously served as the executive chair of Sky Betting & Gaming until October 2019. He was also CEO for 10 years until the company was acquired by The Stars Group in 2018. His departure from the board is expected to take place at the conclusion of Flutter’s AGM in May.