UK-listed gambling operator Paddy Power Betfair (PPB) is rebranding as Flutter Entertainment after reporting a double-digit profit decline in 2018.

On Wednesday, PPB revealed that its 2018 revenue hit £1.87b, 7% higher than the year prior, while underlying earnings fell 5% to £451m and pre-tax profits slipped 11% to £219m. The profit plunge was blamed on the company’s US market expansion efforts, including its purchase of FanDuel’s US-facing operations last spring. Unimpressed investors pushed the share price down 2.6% at the close of Wednesday’s trading.

The report’s biggest headline was the company’s proposal to rebrand as Flutter Entertainment plc in May, subject to shareholder approval at the company’s annual general meeting. The company insists that here are “no plans to use this historical name for consumers,” but believe the name change will reflect the “increased diversity of our brands and operations.”

The Flutter brand originally belonged to a betting exchange rival to Betfair, which ultimately merged with Betfair in 2001. Flutter co-founder Josh Hannah was a member of Betfair’s board until 2014, roughly two years before Betfair merged its operations with Paddy Power.