4 things affiliates should consider before recommending iGaming sites
Affiliates in the iGaming industry shoulder a responsibility as their recommendations can carry a lot of weight in the eyes of readers.That is why there are many factors...
Flutter expected to appeal $870m TSG ruling by Kentucky Court
Flutter Entertainment is set to appeal the Kentucky Supreme Court’s $870 million ruling, having argued that the lawsuit was contradictory to modern US legal precedent.
The case was reversed in late 2018, and was originally filed by the Commonwealth of Kentucky in 2010, around four years before The Stars Group (TSG) acquired the PokerStars business.
It initially sought to recover the alleged losses by Kentucky residents who had played real-money poker on the PokerStars’ website between the years 2006 and 2011. The online poker games during that time were hosted by Oldford. In order to retrieve the alleged losses, the Commonwealth of Kentucky launched legal proceedings against Oldford by quoting a centuries old statute.
In a 2015 ruling, the Kentucky judge implemented an ‘award’ of nearly $290 million, which was later trebled to $870 million, with an additional 12% compound interest each year.
Upon the overturn two years ago, the Court of Appeals stated: “Allowing a complaint, like the one put forth by the Commonwealth, to move forward would lead to an absurd, unjust result.”
“This litigation had sought recovery of alleged losses by Kentucky residents during a period between 2006 and 2011 relying on a centuries-old statute,” Flutter added.
The group also said that “there are a number of legal processes available,” and having taken legal advice, it is sure that “any amount it ultimately becomes liable to pay will be a limited proportion of the reinstated judgement”.
The firm concluded:
“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.”
Share:
Penn’s stock rises on Flutter/Boyd acquisition talk
Shares in Flutter Entertainment and Penn Entertainment have increased by almost 5% in the last five days, fueled by speculation that Flutter might team up with Boyd Gaming to...
