Flutter Entertainment Settles Legal Dispute With Kentucky With Extra $200 Million Payment
By Sabela Ojea
Flutter Entertainment PLC said Wednesday that its legal dispute
with the Commonwealth of Kentucky regarding certain subsidiaries of
the Stars Group in 2010, prior to its combination with Flutter, has
been settled in full.
The Dublin-based gambling group said it has agreed to pay $200
million to the Commonwealth, in addition to the $100 million in
secured bonds previously forfeited.
The legal battle arose from PokerStars' alleged illegal online
poker operations in Kentucky. Flutter Entertainment acquired the
Stars Group, parent company of PokerStars, in 2020.
"In return, the Commonwealth of Kentucky has agreed to cease all
further actions with respect to the case," Flutter said.
In December 2020, the Kentucky Supreme Court ruled that the $870
million penalty against the Stars Group had been reinstated with a
compounding interest of 12% a year.
Write to Sabela Ojea at firstname.lastname@example.org; @sabelaojeaguix
(END) Dow Jones Newswires
September 22, 2021 02:56 ET (06:56 GMT)
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