Flutter Entertainment has announced a breach of data which includes customer information from its Paddy Power and Betfair platforms.
The organization confirmed the security lapse on July 8 and has since alerted regulatory bodies, such as the UK Gambling Commission and the Information Commissioner’s Office.
As reported by Flutter, the incident compromised a limited amount of personal data, which includes usernames, email addresses, phone numbers, residential addresses (first line), towns or cities, plus technical data like IP addresses and device identifiers. Notably, the company reassured that no passwords, identification documents, or financial information were disclosed.
“We can confirm that our Paddy Power and Betfair divisions have encountered a data incident affecting a portion of our customers’ personal information,” spokesperson for Flutter stated in a communication to the Racing Post. “Upon discovering this incident, we promptly informed the necessary regulators and initiated a comprehensive investigation with support from external IT security professionals.”
Flutter has not specified the exact number of customers affected, but indicated that a “substantial number” have been compromised. The company has started reaching out directly to users and advised them to remain cautious regarding potential misuse of their personal data.
“We have no evidence to suggest that any personal information involved has been exploited at this time. Nonetheless, if certain personal details were accessed, there is a possibility that it could be utilized for phishing attacks or impersonation attempts,” Flutter disclosed in a statement.
The company has eliminated the unauthorized access and managed to localize the breach. They are currently collaborating with cybersecurity specialists to investigate the breach’s origins and prevent similar future occurrences. “Protecting and securing our customers’ information is our highest priority,” stated the company.
This incident follows a string of cybersecurity issues affecting organizations in the UK, including a recent cyberattack on the British Horseracing Authority and other incidents that disrupted operations at Marks & Spencer and the Co-op earlier this calendar year.
Investor Outlook
In a separate update, Jefferies has assigned a Buy rating to Flutter Entertainment’s stock, setting a price target of $380 per share, anticipating a possible 35% rise. The investment firm referred to Flutter’s growth in various markets, notably in the U.S., where its FanDuel brand dominates the online sports betting sector.
While the data breach does raise questions regarding the operator’s data management practices, Flutter’s market performance continues to garner positive feedback from financial experts.