Flutter Settles Legal Dispute With Kentucky For $300 million
Flutter, who had been previously ordered to pay the state $1.3B, agreed to pay $200M to the Commonwealth of Kentucky, in addition to the $100M already forfeited as a bond to settle a legal dispute over online poker, Kentucky agreed to drop all further actions with respect to the case. Bookmaker Flutter, the owner of Paddy Power and Betfair, has agreed to pay $200 million to the Commonwealth of Kentucky, in addition to a $100 already forfeited as a bond, in order to settle a legal dispute over online poker. In return, Kentucky agreed to drop all further actions with respect to the case.
Kentucky has been pursuing PokerStars for over a decade after accusing the site of letting Kentucky residents gamble on its site between 2007 and 2011. Flutter acquired PokerStars through its merger with the Stars Group last year.
The total $300 million dollar settlement is much lower than the $1.3 billion that Flutter had been ordered to pay by the Kentucky Supreme Court. The company then challenged the ruling in the US Supreme Court, but pursued a settlement alongside that process, saying that PokerStars had only made around $18 million in revenues from Kentucky during the period in question, reports the Evening Standard.
- Created on .
- Hits: 1369