The argument, which has lasted for more than ten years, began when Kentucky accused PokerStars of allowing its citizens to gamble online between 2007 and 2011. Kentucky generated almost $18 million in income for PokerStars during the relevant time.

However, Flutter has agreed to pay a settlement of £146 million ($200 million), together with $100 million that has already been forfeited as a surety, after acquiring PokerStars through a 2020 merger with the Stars Group. As a result, Kentucky has consented to give up looking for the operator.

The amount of the settlement is significantly less than the $1.3 billion that the Kentucky Supreme Court had ordered Flutter to pay in December 2020. According to sources, Flutter "was shocked by the outcome" in December and then appealed the decision to the Supreme Court (while concurrently working on a remediated settlement).

The organisation firmly thinks that this deal is in the best interests of Flutter shareholders, according to a Flutter representative. The group now views the situation as resolved.

We consider this as nearer the lower (more favourable) range of conceivable outcomes, according to analysts at Davy Group, a financial market and wealth management business. Importantly, it also eliminates a significant recent headwind for stocks.

In addition to Paddy Power, Flutter is a sports betting and gaming operator that offers a global betting and gaming experience. The company's portfolio also includes the brands Betfair, FanDuel, Fox Bet, and Sportsbet.