David Power, co-founder of Paddy Power and later Flutter Entertainment, a major betting and gambling company, has passed away at 77. His death was confirmed by company officials.
“David was immensely proud that his Irish business paved the way for Flutter to become the global leader in online sports betting and gaming that it is today. May David rest in peace,” Flutter Entertainment said in a statement.
Over the course of several decades, numerous members of the Power family have held prominent roles in the industry. However, their history in sports betting can be traced back even further to 1895, when Powers began as odds compilers at Tramore Racecourse in Ireland.
After managing the family bookmaking business for a number of years, David Power made the decision to expand. In 1988, he joined forces with Stuart Kenny and Vincent O'Reilly, who had previously sold their bookmaking business to Coral. Under David Power's leadership as CEO from 1988 to 2002, Paddy Power experienced significant growth in the 1990s. The company focused on increasing its online presence and diversifying its offerings by adding casinos to its portfolio.
Although Power stepped down as CEO in the early 2000s, he remained on the board until 2013. During this time, the operator gained momentum; in 2000, its shares were listed on both the Irish and London stock exchanges. It was also the first bookmaker to launch on the Apple App Store in 2010.
In February 2016, there was another significant development as Paddy Power and Betfair merged. Shortly after, the company purchased FanDuel, transforming the US daily fantasy sports operator into the top sportsbook brand in the country. The following year, the group rebranded as Flutter Entertainment, and later announced a major merger with the Stars Group, adding popular brands like PokerStars and SkyBet to their portfolio.
