Flutter Entertainment plc is a bookmaking holding company created by the merger of Paddy Power and Betfair, and the later acquisition of The Stars Group. It is listed on the London Stock Exchange, and is a constituent of the FTSE 100 Index.
The most recent acquisition by the holding company was made in the USA with the purchase of a further 37% stake in FanDuel Group taking its ownership stake up to 95% back in early December. There has been a ten year legal battle against the Flutter firm regarding illegal online gambling in the State of Kentucky. Finally the Kentucky Supreme Court reinstated a nearly $1.3 billion award for the state in a judgment against the Irish bookmaking company. Originally the suit was brought to the courts in 2010. The Franklin Circuit Court’s judgment remains at $870 million, but does not include interest. It has been suggested that the interest will be sought by the commonwealth once the high court’s judgement is finalized.
Governor of Kentucky Andy Beshear stated, “This will never be enough to make up for the damage to Kentucky families and to the state from their years of irresponsible and criminal actions, but this is a good day for Kentucky,” adding , “This better positions us to emerge from this painful pandemic to help Kentuckians, help our businesses, provide quality health care to more Kentuckians, strengthen our public schools and keep our promise to educators and other public employees – some of whom were on the front lines battling the fallout from their greed,”
The Kentucky Supreme Court commented on the judgement, “The Commonwealth’s recovery in this case is certainly not a windfall, as the Court of Appeals seems to assume; rather, it is a recoupment of some portion of the countless dollars the criminal syndicate has cost Kentucky collectively and Kentuckians individually. The Commonwealth of Kentucky suffered financial losses along with the tragic damage to its citizens. Mental and physical healthcare systems that care for the citizens harmed by the illegal gambling are supported in part by the state.”
