Flutter Entertainment to pay $4M for legacy FCPA violations
By 
Aaron Nicodemus2023-03-07T20:02:00
An Ireland-based gaming and sports betting company will pay a $4 million fine to resolve charges payments made to Russian consultants by a company it acquired violated the Foreign Corrupt Practices Act (FCPA).
Flutter Entertainment agreed to cease and desist from future violations as part of the settlement it reached with the Securities and Exchange Commission (SEC). The company neither admitted nor denied the agency’s findings.
Flutter acquired The Stars Group (TSG), a Canadian-based gaming and sports betting company, in May 2020. TSG purchased PokerStars and several other online gaming brands from Oldford Group in 2014. As part of TSG’s acquisition of Oldford, it inherited Oldford’s Russian operations as well as certain Russian-based consultants, the SEC said in its order filed Monday. PokerStars operates in a “gray market” in Russia, the SEC said, where poker is neither legal nor expressly prohibited.
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