Flutter Entertainment Hit With $870 Million Court Ruling

Flutter Entertainment were said to be shocked by the decision of the Kentucky Supreme Court reinstating the original ruling against the Stars Group which is now owned by Flutter.

Back in 2018 The Stars Group successfully appealed against a ruling by the Kentucky Court on operating online poker in the state from 2006 to 2011 and fined the poker firm $290 million.

However the Supreme Court in Kentucky ruling now has decided that the full amount liable is to be $870 million, the owner of The Stars Group said it was likely to appeal the decision given that back in 2006 to 2011 the company hosting online poker in Kentucky was called Oldford and had total revenues for that period of $18 million.

While the online poker industry in the US was under a grey area it was eventually deemed illegal but Poker Stars still acquired Oldford.

Flutter Entertainment did mention the legal issue with the Stars Group back in its prospectus to shareholders when purchasing the poker firm but said it did not believe the impact of any legal dispute would be significant.

Shares in Flutter Entertainment have dropped almost 2% in Friday trading on the news.