David Power, a towering figure in the betting industry and a co-founder of Paddy Power, passed away peacefully on July 8, surrounded by his loving family. Flutter Entertainment, the current steward of the Paddy Power brand, announced his death and reflected on his monumental contributions to the field of betting and gaming.
David Power was more than just a modern-day titan in the industry; he was part of a lineage steeped in betting tradition. The Power family’s involvement in betting dates back to 1895 when they began as odds compilers at Tramore Racecourse in Ireland. David not only upheld this rich heritage but also paved new paths that have defined the industry for decades.
In the early years, Power dedicated himself to running the family’s betting shop business, which at that time had a modest footprint. However, in 1988, he chose to take an ambitious step forward. He joined forces with Stewart Kenny and Vincent O’Reilly, who had recently divested their interest in Kenny O’Reilly Bookmakers to Coral. At that point, Kenny and O’Reilly had already opened 10 shops of their own. By merging these with the Power family’s 30 shops, the Paddy Power brand was born, and all associated shops were rebranded to reflect this new identity.
The name of the new brand was honored by David’s son, who continues to be a vibrant spokesperson for the company today. Under the new brand, Paddy Power underwent significant expansion in the 1990s. David Power served as CEO from 1988 until 2002, during which time he not only expanded into the burgeoning online market but also added casino products to Paddy Power’s offerings. The company grew exponentially, transitioning from a local network to a significant player on the international stage.
Even after stepping down as CEO in the early 2000s, Power continued to lend his wisdom and insights as a board member until 2013. During this period, the company saw unprecedented growth and success, including its listing on both the Irish and London Stock Exchanges in 2000. In 2010, Paddy Power became the first bookmaker to launch an app on the Apple App Store, once again placing the company at the forefront of innovation in the betting industry.
“David was invaluable in his dual role as both a strategic bettor and an accomplished chartered accountant. His insights and challenging questions spurred successive management teams to elevate their thinking on performance, product offerings, and especially pricing,” Flutter Entertainment noted.
. “Though he formally departed from the Paddy Power board in 2013, his presence continued to be felt strongly throughout the business.”
The transformation of Paddy Power didn’t stop with Power’s formal exit. In February 2016, Paddy Power merged with Betfair, creating an even larger and more diversified entity. This merger put the company in a position to further extend its influence. Just a few years later, the enlarged company acquired FanDuel, turning the US-facing daily fantasy sports operator into a leading sportsbook brand in the country.
In a subsequent and significant move, the corporate name was changed from Paddy Power Betfair to Flutter Entertainment in 2018. This change wasn’t just cosmetic—it aligned with a broader strategy of corporate expansion and brand diversification. Shortly afterward, they agreed to a monumental merger with The Stars Group, adding high-profile brands like PokerStars and SkyBet to their growing portfolio.
Flutter Entertainment continued to grow through various acquisitions, including deals with Tombola, Sisal, and Adjarabet. These moves have driven consistent revenue growth, reaching $11.79 billion in 2023, a 24.7% increase year-on-year.
Although the corporate name transitioned to Flutter Entertainment, Paddy Power remains one of the most recognizable brands in the betting industry. David Power took immense pride in the fact that his humble Irish business, initially comprised of just 40 shops, laid the groundwork for Flutter to emerge as a global leader in online sports betting and iGaming.
“Everyone at Flutter, including past and present colleagues of Paddy Power, extend our deepest condolences to the Power family,” Flutter said in a touching statement. “David was a pioneer, and his legacy will endure. May he rest in peace.”
In closing, iGB extends its heartfelt condolences to the Power family and all those who had the privilege of knowing or working with David Power. His contributions to the industry have had a lasting impact, and his legacy will continue to inspire those who follow in his footsteps.
