25th Mar 2021 16:04
(Alliance News) - Paddy Power owner Flutter Entertainment PLC on Thursday said it is "disappointed" after a court in the US state of Kentucky threw out a petition to rehear a ruling against the bookmaker's Stars Group business.
The petition relates to a dispute which dates all the way back to 2006. Last December, Flutter said the Kentucky Supreme Court reinstated a ruling which had forced Stars to pay damages. The punishment related to alleged losses incurred by Kentucky residents who played real-money poker on the PokerStars platform between 2006 and 2011.
Stars Group in 2018 had been spared paying damages by the Kentucky Court of Appeals, which ruled in favour of the Sky Bet owner. Stars merged with Flutter last year.
December's ruling against Stars meant it was slapped with a USD870 million penalty.
Flutter then wanted a rehearing of December's verdict. The Kentucky Supreme Court on Thursday denied that request.
"Flutter is disappointed by the denial of its rehearing petition and continues to strongly dispute the basis of this judgment. Together with its legal advisors, Flutter will continue to consider its position in relation to the judgment, including potentially appealing the ruling of the case to the US Supreme Court along with other legal avenues which it may pursue thereafter," Flutter said.
"Flutter remains confident that any amount ultimately paid to resolve this matter will be a limited portion of the reinstated judgment. Further announcements will be made in due course as and when appropriate."
Flutter shares were 1.2% lower at 16,210.00 pence each in London on Thursday afternoon.
By Eric Cunha; [email protected]
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