There is great sadness across Flutter upon hearing the news David Power, one of the founding fathers of our company, has passed away peacefully on Monday 8 July, surrounded by his wife, children, and grandchildren.
Born into what is now a bookmaking dynasty in 1947, David was always destined to be a bookie, moulded by a long lineage of odds compilers that stretches back all the way to Tramore racecourse in 1895. His mother is believed to have been the first woman to hold a betting license while the family’s successful on-course operation, named after his grandfather, Richard Power, was a mainstay at tracks until David’s fitting retirement after the 2018 Cheltenham Gold Cup. Flutter’s ability to offer hundreds of markets, price complex outcomes, and manage risk effectively stems directly from this ingrained family expertise.
However, David was never content with simply running the family business and demonstrated his strong entrepreneurial flair as one of three visionary founders of this company. Joining forces with Stewart Kenny and John Corcoran, the trio merged their retail shops in 1988 to compete with new British entrants arriving on Irish highstreets. To show they were truly up for the fight, they decided on a name that was uniquely Irish, but also conveyed strength and pride – Paddy Power.
Conveniently, this was also the name of David’s son, Paddy, who has since become synonymous with a brand that has always been mischievous and on the side of the punter, but also truly innovative and pioneering. It was heartwarming to hear that Paddy was with his mother and David’s loving wife, Sabena; his brother Willie; and sisters, Tessa and Shani, by David’s side throughout his illness, which he bore with grace and pragmatism. Everyone at Flutter is thinking of them today as we consider the incredible legacy their husband and father has left behind.
Having established Paddy Power as a strong retail bookmaker in the 90s, David will also be remembered as a great moderniser of our industry. He was an influential voice in Paddy Power’s decision to embrace the power of the internet, kickstarting a prolonged period of growth that saw the company list on both the Irish and London Stock Exchanges in 2000; become the first bookmaker on the Apple app store in 2010; and ultimately merge with Betfair in 2016, creating a true leader whose success would allow Flutter to acquire more great businesses and expand aggressively in the US and across the world. David was immensely proud that his plucky Irish business, with its 40 shops initially, paved the way for Flutter to become the global leader in online sports betting and iGaming it is today.
As both a sharp bettor and an accomplished chartered accountant, David always had invaluable insights and challenging questions for successive management teams as a supportive shareholder, whether with regard to performance, product, or usually, our pricing. While he formally left the Paddy Power board in 2013, he always maintained a strong presence around the business. It was always a great pleasure for colleagues to have the opportunity to break bread with him at the Paddy Power box at Cheltenham, where he will be forever famous for taking on short-priced favourites, and for the Board to greet him at the company’s AGM in Dublin each year.
Everyone at Flutter, including Paddy Power colleagues past and present, offer the Power family our condolences and may David rest in peace.