Flutter pays tribute to “legendary” David Power after Paddy Power co-founder’s passing
Legendary bookmaker leaves behind wife Sabena, as well as four children after a lengthy battle with an illness
David Power, former owner and co-founder of Paddy Power, has died aged 77 following a lengthy illness.
Famous for his work in building the Paddy Power brand, Power oversaw a meteoric rise for a company that is now owned by Flutter and listed on the New York Stock Exchange, valued at more than $35bn (£27bn).
Throughout his illustrious career, Power remained a keen racecourse bookmaker until his retirement after the 2018 Cheltenham Festival.
He was also a successful racehorse owner alongside his wife, Sabena, with the pair owning two Group 1 winners in Sole Power and Slade Power.
Born in 1941 into a family already laying the foundations for what would go on to form a bookmaking dynasty, Power’s mother is thought to have been the first woman to hold a betting licence while his grandfather formed Richard Power Bookmakers in 1895.
Power worked with Stewart Kenny and John Corcoran to merge their respective retail shops in 1988 to offer competition to the flurry of British companies setting their stall out on Irish streets.
Together, the trio formed Paddy Power. Under the guidance of Power, the operation became Ireland’s largest bookmaker, including being listed on both the Irish and London Stock Exchanges in 2000.
By 2003, the group, which had built a reputation for its tongue-in-cheek marketing and novelty betting markets, had around 150 shops in Ireland, but just three in the UK.
In 2016, Paddy Power merged with online rival to become Paddy Power Betfair in a £5bn deal.
Power had stepped away from the Paddy Power board in 2013 but maintained a strong connection to the bookmaker.
Paddy Power Betfair rebranded to Flutter Entertainment in May 2019 before completing a £10bn mega-merger with The Stars Group in 2020, bringing Sky Bet and PokerStars into its house of brands.
Flutter has well and truly established itself as a titan of online gambling, with the firm topping the EGR Power 50 for the past four years.
In May, Flutter, who dubbed Power a “founding father of the company”, secured a primary listing on the New York Stock Exchange, as well as established it main headquarters in the Empire State.
In a tribute to Power, Flutter said: “Having established Paddy Power as a strong retail bookmaker in the 90s, David will also be remembered as a great moderniser of our industry.
“He was an influential voice in Paddy Power’s decision to embrace the power of the internet, kickstarting a prolonged period of growth.
“David was immensely proud that his plucky Irish business, with its 40 shops initially, paved the way for Flutter to become the global leader in online sports betting and igaming it is today.
“Everyone at Flutter, including Paddy Power colleagues past and present, offer the Power family our condolences and may David rest in peace.”