TIDMFLTR

RNS Number : 0817J

Flutter Entertainment PLC

17 December 2020

17 December 2020

Flutter Entertainment plc ("Flutter")

Update on Kentucky legal proceedings

The Kentucky Supreme Court has today ruled on legal proceedings that were originally brought by the Commonwealth of Kentucky in 2010 against certain subsidiaries of The Stars Group ("TSG") prior to its combination with the Flutter Group.

The Kentucky Supreme Court judgement has reinstated an award of damages against TSG made in 2015 by a Kentucky trial court judge. That 2015 ruling had subsequently been vacated in its entirety by the Kentucky Court of Appeals in 2018. The outcome of today's Kentucky Supreme Court ruling is that the $870 million judgement against TSG has been reinstated with compounding interest of 12% per annum.

As previously disclosed, the gross gaming revenues that TSG generated in Kentucky during the relevant period were approximately $18 million. There are a number of legal processes available to Flutter and having taken legal advice, Flutter is confident that any amount it ultimately becomes liable to pay will be a limited proportion of the reinstated judgement.

Flutter is wholly surprised by today's ruling and strongly disputes the basis of this judgement which, it believes, runs contrary to the modern US legal precedent. This litigation had sought recovery of alleged losses by Kentucky residents during a period between 2006 and 2011 relying on a centuries-old statute.

Together with its legal advisors Flutter is currently reviewing its position. No liability was previously recognised by either TSG or Flutter in relation to this. Flutter's balance sheet remains robust.

Contacts:

 
 Investor Relations: 
 David Jennings, Group Director of Investor 
  Relations & FP&A                             + 353 87 951 3560 
 Ciara O'Mullane, Investor Relations           + 353 87 947 7862 
 Liam Kealy, Investor Relations                + 353 87 665 2014 
 Press: 
 Fi Thorne, Corporate Affairs                  + 44 75 2111 4787 
  Lindsay Dunford, Corporate Affairs            + 44 79 3197 2959 
 Billy Murphy, Drury / Porter Novelli          + 353 1 260 5000 
 James Murgatroyd, Finsbury                    + 44 20 7251 3801

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDBRBDDRSBDGGR

(END) Dow Jones Newswires

December 17, 2020 12:48 ET (17:48 GMT)

Paddy Power Betfair (LSE:PPB)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Paddy Power Betfair Charts.
Paddy Power Betfair (LSE:PPB)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Paddy Power Betfair Charts.