David Power, the co-founder of Paddy Power, has passed away at the age 77.
Flutter reported that Power died peacefully, on the 8th of July. He was surrounded by family members, including his wife and children.
The Power family is associated with gambling for a much longer period of time than just a few decades. Powers’ heritage can be traced back to 1895, when they were odds-compilers at Tramore Racecourse.
Power managed the betting shop for several years before expanding. He partnered with Stewart Kenny, Vincent O’Reilly and Kenny O’Reilly Bookmakers in 1988. Kenny O’Reilly Bookmakers had been sold to Coral just a few short years earlier.
Paddy Power is born
Kenny O’Reilly and Kenny had opened 10 of their shops, which were merged with 30 other shops owned by the Power Family. Paddy Power was born, and all the shops were rebranded.
The brand is named after David’s son who serves as the marketing spokesperson for the company today.
David Power, who served as the CEO of Paddy Power from 1988 until 2002, continued to lead Paddy Power through the 1990s. It expanded its online product and introduced casino during this time.
Power left his position as CEO at the beginning of the 2000s but remained in the board up until 2013. During that period, the operator grew from strength to strength. In 2000, it was listed on the Irish Stock Exchange and the London Stock Exchange. It was also the first betting company to be launched on Apple’s app store back in 2010.
Flutter stated that “as a sharp bettors and a chartered accountant who was a shareholder supportive, David had always provided invaluable insight and asked challenging questions to successive management teams, either with regards to product, performance or our usual pricing.”
While he left the Paddy Power Board in 2013, he maintained a strong and constant presence at the company.
Paddy Power goes global
After his departure, Paddy Power and Betfair merged in February 2016. This was a pivotal moment. A couple of years after that, the expanded business acquired FanDuel and transformed the US daily fantasy sports operator to the leading brand on the US market.
Flutter Entertainment was the new name for the group a year after it dropped Paddy Power Betfair as its operating name. A few months later, the group agreed to a massive merger with The Stars Group. This gave it ownership of more prominent brands, including PokerStars, SkyBet and SkyBet.
The business has grown further through deals for Tombola, Sisal and Adjarabet, with revenue growing 24.7% year-on-year to $11.79bn (PS9.32bn/EUR10.87bn) in 2023.
Although Paddy Power has been dropped as a corporate name, it is still one of the best-known brands in the betting industry.
Flutter stated that David was “extremely proud” of his Irish plucky business. With its initial 40 stores, it paved the road for Flutter’s global leadership in online sports betting, and igaming.
Everyone at Flutter offers our condolences to the Power family, including former Paddy Power employees. “May David rest in peace.”
iGB wishes to express its deepest condolences and sympathy to David Power’s family, as well as to all who knew or worked with him.
