Kentucky Supreme Court reinstates $870m judgement against Stars Group parent Flutter Entertainment
Flutter Entertainment is pursuing legal avenues after the Kentucky Supreme Court narrowly reinstated a $870m award of damages against The Stars Group. The Court ruled that Flutter will pay 12% interest on top of the sum.
The judgement relates to a lawsuit from Kentuckians seeking to collect gambling losses from The Stars Group’s PokerStars, which was found to operate unlawfully in the 2000s.
The ruling reversed a 2018 Court of Appeals decision. Justice Samuel Wright argued that the judgement falls in line with the Kentucky Loss Recovery Act.
Flutter, which officially completed its merger with The Stars Group in May, said it was shocked by the Court’s 4-3 decision.
“Flutter is wholly surprised by today’s ruling and strongly disputes the basis of this judgment which, it believes, runs contrary to the modern U.S. legal precedent,” Flutter said in a statement.
The company was quick to reassure investors that it is seeking legal protection.
“There are a number of legal processes available to Flutter and having taken legal advice, Flutter is confident that any amount it ultimately becomes liable to pay will be a limited proportion of the reinstated judgment,” the company said.
Flutter is the parent company of top betting brands including FanDuel, Paddy Power and Fox Bet.
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