David Power, co-founder of Paddy Power, will retire

Business | Thu 8 Feb | Author – Business & Finance Paddy Power exterior

The co-founder of the Irish bookmakers will retire following next month’s Cheltenham Festival.

Power currently chairs Richard Power Bookmakers. A statement from him yesterday confirms he will retire after next month’s Cheltenham Festival.

The statement said: “As a consequence, Richard Power Bookmakers will cease taking bets in March after the festival and a managed wind down will take place over the subsequent months of 2018.”

He has been in the betting industry since 1970 when he joined Richard Power after qualifying as a chartered accountant.

In 1988, Power made a deal with Stewart Kenny and John Corcoran to join 40 shops of three Irish bookmakers.

In 2016, Paddy Power and Betfair merged, forming one of the world’s biggest betting companies.

When establishing Paddy Power he continued to work with Richard Power as a private client business.

Richard Power Bookmakers was founded by grandfather in Waterford in 1895.