David Power, a name synonymous with the global betting industry, has left an indelible mark on the world of gambling. His demise at the age of 77, as announced on RIP.ie, marks the end of an era. Power breathed his last at the Beacon Hospital in Dublin, leaving behind a legacy that spans over a century.
Born into a family of bookmakers with a history dating back to 1895, Power was destined for greatness in the betting industry. His journey began in earnest in 1970 when he joined the family business after qualifying as a chartered accountant. However, his vision extended far beyond the confines of the family business, Richard Power.
In 1988, Power took a bold step that would forever change the landscape of the Irish betting market. He merged Richard Power with the betting shop businesses of Stewart Kenny and John Corcoran, giving birth to Paddy Power. This strategic move was designed to challenge the dominance of big UK firms in the Irish market.
Paddy Power’s growth trajectory was nothing short of phenomenal. The company embraced the power of the internet, becoming the first bookmaker on the Apple App Store in 2010. It listed on both the Irish and London stock exchanges in 2000, marking the beginning of a period of sustained growth.
The company’s success story continued with its merger with Betfair in 2016, making it a key part of Flutter Entertainment. Today, Flutter Entertainment stands as one of the world’s biggest gambling businesses, boasting a market capitalisation exceeding €32 billion.
Powerhouse behind Paddy Power’s success
Power’s influence on Paddy Power’s growth cannot be overstated. His keen insights as a sharp bettor and accomplished chartered accountant proved invaluable to the company’s successive management teams. Even after formally leaving the Paddy Power board in 2013, Power maintained a strong presence around the business.
Power’s retirement in 2018 marked the end of his active involvement in the betting industry. However, his legacy lives on in the form of Flutter Entertainment, a global leader in online sports betting and iGaming. Power’s “plucky Irish business,” which started with just 40 shops, paved the way for Flutter’s aggressive expansion in the US and across the world.
David Power’s life and achievements serve as a testament to his vision, tenacity, and entrepreneurial spirit. His contributions to the betting industry will continue to inspire future generations of bookmakers and entrepreneurs. As we mourn his loss, we also celebrate the remarkable legacy he leaves behind. David Power’s name will forever be etched in the annals of the global betting industry.
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